Korea Hydro & Nuclear Power to Promote 60MW Solar Power Project in Jeju Island

Shareholders' Agreement with J1... Targeting Completion by July Next Year
"Investing 20 Trillion Won by 2030 to Secure 7.6GW of New and Renewable Facilities"

Korea Hydro & Nuclear Power signed a shareholder agreement on the 18th at Maison Glad Jeju Hotel with joint business partner JW One and Jeju Special Self-Governing Province to promote a 60 MW solar power generation project. On the right is Lee In-sik, Head of Green Energy Division at KHNP, and on the left is Kim Min-gyu, CEO of JW One. (Photo by Korea Hydro & Nuclear Power)

[Asia Economy Reporter Moon Chaeseok] Korea Hydro & Nuclear Power (KHNP) is advancing a 60MW-scale solar power project on Jeju Island. This is part of the government's 'Renewable Energy 3020' policy, which aims to meet 20% of the national energy supply with new and renewable energy by 2030.

On the 19th, KHNP announced that it signed a shareholder agreement with its joint venture partner J-One and Jeju Province to pursue a 60MW capacity solar power project.

This project, with an investment of 92 billion KRW, is scheduled to begin construction in February next year and be completed by July. After completion, it will generate 69,000 MWh of electricity annually.

KHNP will be responsible for purchasing Renewable Energy Certificates (REC) and project management, while J-One will handle permits and other support to ensure stable project execution.

KHNP stated, "We plan to donate a portion of the profits generated from this project to vulnerable groups and environmental organizations over the 20-year operation period to give back to the local community."

Currently, KHNP is operating a total of 2GW of new and renewable energy projects to fulfill the Renewable Energy 3020 policy.

Representative projects include the 300MW Saemangeum floating solar power, 200MW solar power project utilizing salt farm sites on Bigeumdo Island in Sinan, and self-operated projects using nuclear power plant and pumped-storage power plant sites.

KHNP plans to invest 20 trillion KRW by 2030 to secure 7.6GW of new renewable facilities focused on solar and wind power.

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