Jungbu Power "Expanding Renewable Energy Generation to 25% by 2030"

Portfolio Focused on Solar and Wind Power... Creating Corporate Ecosystems and Job Opportunities
Solar Power Facilities on Idle Land... Four Hydropower Projects in Indonesia Underway

Korea Midland Power held the financial closing ceremony and groundbreaking ceremony for the Swedish Stavro wind power project in Frankfurt, Germany, on November 5 last year (local time). The fourth person from the left in the first row is Park Hyung-gu, President of Korea Midland Power. (Photo by Korea Midland Power)

[Asia Economy Reporter Kim Bo-kyung] Korea Midland Power Co., Ltd. plans to expand its renewable energy generation to 25% by 2030. The company aims to lead the energy transition through the supply of renewable energy and the activation of the hydrogen economy. It is also actively exploring overseas expansion plans, including hydroelectric power plant projects in four locations in Indonesia.

On the 17th, Korea Midland Power announced that under the 'Renewable Energy 3020' policy, it has set a strategic goal to increase renewable energy to 25% of total power generation by 2030. Accordingly, it is establishing a portfolio centered on renewable energy such as solar and wind power and accelerating the expansion of new and renewable energy. The company plans to foster the domestic corporate ecosystem through new and renewable energy power generation projects while promoting job creation.

In August last year, Korea Midland Power signed a memorandum of understanding (MOU) with Inje-gun, Gangwon Province, and is currently promoting a 'fisheries coexistence-type solar power project.' This is a 500 kW solar power project utilizing the site of a dried pollack storage area, with a total project cost of 1.8 billion KRW. Additionally, the company is carrying out various projects to efficiently utilize national land, such as solar power projects using idle land and facilities along national highways nationwide.

Korea Midland Power is also conducting welfare projects through the 'Hope Nuri Project.' In September last year, solar trees were installed at three locations in Boryeong City, including Daecheon Station and Daecheon Beach. Using the upper solar power modules, the solar trees provide fine dust information and wireless smartphone charging, and at night, they are used as LED lighting. So far, Korea Midland Power has supplied 165 kW to 18 social welfare facilities through solar power projects.

On September 10th last year, a commemorative photo was taken to celebrate the lighting of the solar tree installed at Daecheon Station Plaza. From the second person on the left: Kim Hyun-gu, Daecheon Station Manager; Park Hyung-gu, President of Korea Midland Power; Kim Dong-il, Mayor of Boryeong; Choi Jong-gi, Head of Business Division at Korea Energy Foundation; Park Jun-young, CEO of Hyundai Aluminum. (Photo by Korea Midland Power)

The company is also actively participating in the development of eco-friendly new technologies. In May 2018, it began developing wall-type solar power modules with optical pattern shaping to improve power generation efficiency. These vertical solar power modules are expected to offer more than 10% higher efficiency compared to conventional solar power modules. It has developed an intelligent cleaning robot for solar panels combined with the Internet of Things (IoT) to prevent efficiency degradation caused by panel contamination and to address safety issues by performing work at high places. Additionally, it is developing new technology to convert and store surplus electricity from large wind power plants into hydrogen.

Building on the successful entry into the Indonesian hydroelectric power business, Korea Midland Power is actively pioneering overseas new renewable energy power markets. The Wampu Hydroelectric Power Plant (45 MW) and Tanggamus Hydroelectric Power Plant (55.4 MW) in Indonesia, in which Korea Midland Power participates, have consecutively started commercial operations. Through a 30-year power sales contract with the Indonesian state electricity company, it is expected to generate approximately 280 billion KRW in revenue. Currently, hydroelectric power plant projects are being pursued in four additional locations in Indonesia. In the wind power-rich mid-northern region of Sweden in Northern Europe, Korea Midland Power, together with Korean and German financial investors, is developing the Stavro wind power complex (254 MW), with a financial closing ceremony and groundbreaking held last November.

Furthermore, Korea Midland Power is jointly developing solar power projects in Texas, USA, with domestic companies and is actively promoting energy storage system (ESS) projects in California. A company official stated, "As the US renewable energy market is rapidly growing, the ESS business is gaining attention as a means to solve power quality and grid instability issues. We plan to enter new markets early to secure operational technology and development capabilities and to expand into other countries."

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