Dongseo Power invests 500 billion won in 'Haetbit Dream Fund'... "Leading the Green New Deal"
280MW Solar Power Project Development Investment Contract... "First Selected Project to Start Construction by End of July"
[Asia Economy Reporter Moon Chaeseok] Korea East-West Power is investing 500 billion KRW to develop a solar power project with approximately 280MW capacity. This is to contribute to the creation of a Green New Deal ecosystem. East-West Power explained that the Green New Deal is a compound term of low-carbon, eco-friendly green industry and New Deal policy, aiming to respond to climate change by investing in green industries and creating new markets and jobs.
On the 5th, East-West Power announced that it signed an investment agreement with Hyundai Energy Solutions and Shinhan BNP Paribas Asset Management at the Conrad Hotel in Yeouido, Seoul, to establish the 'East-West Sunlight Dream Fund.' This solar power project development initiative is promoted by East-West Power to revitalize the domestic solar power industry and protect small-scale solar power operators.
The three companies mainly invest in projects designed and constructed by small and medium-sized enterprises. They use 100% domestically produced equipment (modules, inverters, transformers, etc.).
East-West Power invests about 90% (18 billion KRW), Hyundai Energy Solutions about 10%, respectively. Shinhan BNP Paribas Asset Management oversees fund management and project financing (PF).
East-West Power supports small-scale solar power operators by signing long-term fixed-price contracts for Renewable Energy Certificates (REC) to ensure stable profits. Based on its core competency in power plant operation know-how, it provides optimized operation management solutions for solar power facilities. In the future, it plans to engage in power brokerage business to increase the profits of small-scale operators and contribute to the gradual expansion of the domestic brokerage market.
Last month, East-West Power held the first public offering for the fund’s investment target projects. Among 132 project operators participating in competitive bidding, 102 projects (120.7MW) were selected. The selected projects undergo investment eligibility screening based on on-site technical inspections. If they pass the screening, REC contracts and financial agreements are signed, and construction begins by the end of next month. The goal is to complete construction by October. The second public offering will be announced in mid-next month. Following the same procedures as the first, it is planned to be completed within this year.
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An East-West Power official said, "This project will expand the use of domestically produced equipment such as modules, inverters, and transformers, and serve as an opportunity to enhance the self-sustainability of small and medium-sized enterprises." He added, "We will lead the establishment of the Green New Deal ecosystem by discovering investment targets that comply with social value creation investment guidelines."
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