Dongseo Power to Promote 202MW Solar Power Project in Australia

Joint Development Agreement with Hana Financial Investment and Samchully Asset Management

Pyo Young-jun, Head of Business Division at Korea East-West Power (third from the left in the front row), Pyun Choong-hyun, Head of IB2 Group at Hana Financial Investment (second from the left in the front row), and Lee Chang-seok, Vice President of Samchully Asset Management (fourth from the left in the front row), pose for a commemorative photo after signing a joint development agreement for a solar power project in Australia. (Photo by Korea East-West Power)

[Asia Economy Reporter Moon Chaeseok] Korea East-West Power announced on the 28th that it has signed a Joint Development Agreement (JDA) with Hana Financial Investment and Samchully Asset Management to jointly promote a large-scale solar power project in Queensland, Australia.

The signing ceremony was attended by Pyo Young-jun, Head of Business Division at East-West Power (Executive Director), Pyeon Chung-hyun, Head of IB2 Group at Hana Financial Investment (Executive Director), and Lee Chang-seok, Vice President (CIO, Chief Investment Officer) of Samchully Asset Management.

Australia is a country rich in solar and wind resources. It has achieved grid parity, where the cost of renewable energy generation is equal to or cheaper than that of thermal power generation. The transition from fossil energy to renewable energy is progressing rapidly.

According to this agreement, East-West Power will jointly carry out a large-scale solar power project with an installed capacity of 202MW in the Columboola area (about 300km west of Brisbane, the capital of Queensland) together with Hana Financial Investment and Samchully Asset Management.

East-West Power will invest equity in the project and provide construction management and operation services, and plans to enter the market alongside domestic equipment manufacturers and financial institutions producing transformers and other materials in the future.

An East-West Power official said, "The large-scale solar power project in Australia is the company's first entry into the Australian renewable energy market and carries a complex significance as a continuous development of domestic and overseas renewable energy to respond to global climate change. Through this project, we will create jobs both domestically and internationally and enhance our status as an eco-friendly global energy company."

East-West Power has set a mid- to long-term management goal of achieving 2.1GW of overseas power generation equity capacity and 10% overseas sales ratio by 2030. The company is striving to expand overseas business focusing on eco-friendly power sources such as renewable energy and gas combined cycle power generation.

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