Shinsung ENG Aims to Catch Two Rabbits with Saemangeum and Green New Deal through Gimje Investment

An employee inspecting a Sinsung ENG solar module. Photo by Sinsung ENG

[Asia Economy Reporter Moon Hyewon] Sinsung ENG announced on the 11th that it will make a new investment of 12.2 billion KRW in Gimje-si, Jeollabuk-do.

The Gimje factory currently operates by leasing part of the completed standard factory in the Gimje Free Trade Zone, has completed contracts and equipment orders, and plans to operate normally within this year. The production capacity of the Gimje factory is over 600MW annually.

Through this, Sinsung ENG has taken a step closer to the Saemangeum and large-scale solar power projects. This is because companies using locally produced materials for solar power projects in the Saemangeum area are given additional points to revitalize the local economy.

Since Sinsung ENG is leasing a standard factory rather than constructing a new one, it is expected that the investment cost will be lower. Adding the 200MW solar modules from the existing Chungbuk Eumseong factory and the 70MW PowerXT modules and 250MW high-efficiency solar cells from the Chungbuk Jeungpyeong factory, it is calculated that a 1GW scale economy can be achieved, lowering production costs and gaining a price competitiveness advantage. The company is preparing proactively for the expansion of the renewable energy market known as the Korean New Deal and expects to contribute to the government's Green New Deal policy through job creation in Gimje and the Jeonbuk region.

Kim Dongseop, CEO of Sinsung ENG, said, “Interest and demand for renewable energy are expanding due to climate change, and voices for investment in low-carbon projects and the expansion of renewable energy are growing for the Green New Deal,” adding, “Through the Gimje factory, we will produce market-friendly products capable of responding to domestic and international solar power demand.”

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