Hanhyewon-Gyeongju City Sign MOU for Public Interest Solar Power Project Utilizing Public Property

[Asia Economy Reporter Kim Bo-kyung] Korea Hydro & Nuclear Power (KHNP) signed a Memorandum of Understanding (MOU) on December 12 with Gyeongju City for a public interest-type solar power project utilizing public property.

Through this agreement, KHNP will be able to secure the mandatory supply volume under the Renewable Portfolio Standard (RPS) system while revitalizing the local economy. The RPS refers to a system where power producers generate and supply a certain percentage of their total power output from renewable energy sources such as solar power.

Gyeongju City will provide public properties such as city-owned land and buildings for a fee, creating additional revenue and responding to the government's Renewable Energy 3020 policy.

KHNP plans to invest approximately 14 billion KRW to build a 7 MW scale solar power facility in idle spaces of public parking lots, including Gyeongju Expo Park, aiming for completion in December. The facility is expected to produce 9,200 MWh of electricity annually. Additionally, KHNP will work closely with Gyeongju City to continuously identify potential sites for solar power projects within the city.

Jung Jae-hoon, President of KHNP, stated, "This public interest-type solar power project is a win-win initiative that maximizes the use of existing spaces to produce eco-friendly energy, generate additional revenue, and create jobs. As a comprehensive energy company, KHNP will strive to promote new public interest-type solar power projects across various sectors."

This content was produced with the assistance of AI translation services.