[Market Focus] Solar Stocks Rally on Plans to Build Industrial Complexes in Renewable Energy-Rich Areas

Solar energy-related stocks are showing simultaneous strength. The news that President Lee Jaemyung instructed officials the previous day to prepare measures to significantly lower electricity rates for RE100 industrial complexes appears to be affecting stock prices.

As of 10:05 a.m. on July 11, OCI Holdings was trading at 93,200 won, up 10.95% from the previous trading day.

Hanwha Solutions, Daesung FineTec, Gridwiz, Daemyung Energy, and Paru are also all rising together.

Kim Yongbeom, Chief Presidential Secretary for Policy, stated in a briefing at the Yongsan Presidential Office the previous day, "We reported on the RE100 industrial complex promotion plan at the chief aides' meeting presided over by the President." This was the first time Kim Yongbeom personally briefed the media on policy matters. He emphasized, "The RE100 industrial complex promotion plan is the top policy priority," and added, "I chose this as the topic of my first briefing because this initiative aligns with the President's core national philosophy of energy transition and balanced regional development."

The RE100 industrial complex refers to a campaign in which companies meet 100% of their electricity needs with eco-friendly renewable energy sources. Currently, the southwestern region of Korea has abundant renewable energy potential, such as solar power, but due to a lack of transmission lines to other areas, the electricity produced is being wasted. Although new transmission lines need to be built, this requires significant time and cost. Therefore, the main idea of the plan is to build industrial complexes in areas rich in renewable energy and have those regions use eco-friendly electricity first.