Dongseo Power Begins Development of 500 Billion KRW Small-Scale Solar Power Project

Hyundai Energy Solutions and 20 Billion KRW 'Dongseo Sunshine Dream Fund' Established
100% Use of Domestic Equipment · Priority for SME EPC... "Revitalizing the Domestic Solar Power Industry"

Photo by Korea East-West Power Co., Ltd.

[Asia Economy Reporter Moon Chaeseok] Korea East-West Power announced plans to revitalize the domestic industry, which has been weakened by the novel coronavirus disease (COVID-19), by developing small-scale solar power projects.

On the 29th, East-West Power stated that it will establish the 'East-West Sunlight Dream Fund' to develop small-scale solar power projects totaling 500 billion KRW.

On the same day, representatives from East-West Power, Hyundai Energy Solutions Co., Ltd., and Shinhan BNP Paribas Asset Management gathered at the Shinhan BNP Paribas Asset Management headquarters in Yeoui, Seoul, to discuss matters necessary for establishing the fund.

East-West Power will invest 18 billion KRW and Hyundai Energy Solutions will invest 2 billion KRW in the 'East-West Sunlight Dream Fund' project. The project name signifies fulfilling the dreams (Dream) of solar power operators through East-West Power's Sunlight Dream business.

East-West Power and Shinhan BNP Paribas Asset Management designed a 'social value creation investment guideline' that invests in projects using 100% domestically produced key solar power equipment such as modules, inverters, and transformers, and prioritizes design and construction by small and medium-sized enterprises (SMEs).

East-West Power supports stable profit generation by signing long-term fixed-price contracts for Renewable Energy Certificates (REC) with small-scale solar power operators that meet the guidelines.

Based on its core competency in power plant operation know-how, it provides operation management solutions optimized for solar power facilities.

In the future, it plans to contribute to increasing the profits of small-scale operators and gradually expanding the domestic brokerage market through power brokerage business.

Hyundai Energy Solutions supports the participation of SMEs that require credit ratings and construction performance by collaborating with them, in addition to supplying solar power equipment.

Businesses wishing to participate in the project can apply via email from the 11th to 14th of next month by 12 PM.

Detailed information can be found in the East-West Sunlight Dream Fund business operator recruitment announcement posted on the Shinhan BNP Paribas Asset Management website.

A representative from East-West Power said, "Through this East-West Sunlight Dream Fund project, we can strengthen the self-sustainability of SMEs in the energy sector and realize energy transition through public participation. We will continue to take the lead in practicing social responsibility by developing various energy business models linked to social value creation."

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