KHNP, Resident-Led Green New Deal Business Agreement

'Sinan-gun Direct Participation Solar Power Generation Project Model' Shares Development Profits with Residents
Bigum Residents' Cooperative, KHNP, Hoban Industries, LS Electric, Haedong Construction Shareholders Agreement

Jaehoon Jung, President of Korea Hydro & Nuclear Power. (Photo by Korea Hydro & Nuclear Power)

[Asia Economy Reporter Moon Chaeseok] Korea Hydro & Nuclear Power (KHNP) announced on the 26th that it has signed a resident-led Green New Deal business agreement and a shareholder agreement for the Bigeum Resident Solar Power Generation Project with Jeollanam-do, Sinan County, Hoban Industries, LS Electric, and Haedong Construction.

The signing ceremony was attended by KHNP President Jeong Jae-hoon, Jeonnam Governor Kim Young-rok, Sinan County Mayor Park Woo-ryang, Bigeum Resident Cooperative Chairman Kwak Jeong-min, Hoban Industries CEO Kim Jin-won, LS Electric CEO Park Yong-sang, Haedong Construction Chairman Park Hyung-sun, and residents of Bigeum-myeon.

According to the business agreement, KHNP and the partner organizations will jointly develop renewable energy in the Sinan region. They will actively cooperate to simultaneously overcome economic and environmental crises in the post-COVID-19 era.

They will also participate in the 200MW Sinan Bigeum Resident Solar Power Generation Project. The share distribution is 40% for the Bigeum Resident Cooperative, 29.9% for KHNP, 15.1% for Hoban Industries, 12% for LS Electric, and 3% for Haedong Construction.

The Sinan Bigeum Resident Solar Power Generation Project is the first large-scale resident-led solar power project in South Korea. The project will invest 375 billion KRW and is scheduled to be completed by the end of 2022.

KHNP expects that, thanks to the project, residents of the salt farms in Bigeum-myeon will receive stable dividend income from their equity investment for 20 years.

Furthermore, continuous profit sharing is expected through the Sinan County Resident Cooperative to be established for all residents of Bigeum-myeon, Sinan County, in accordance with Sinan County’s ordinance on development profit sharing.

KHNP is currently promoting a total of 3GW of new and renewable energy projects, including the 300MW floating solar power project in Saemangeum, the 220MW Anmado offshore wind power project in Jeonnam, the 1.5GW Sinan offshore wind power project, and the Jindo offshore wind power project, to implement the government’s Renewable Energy 3020 policy.

By 2030, KHNP plans to invest 20 trillion KRW to secure 7.6GW of new renewable energy facilities, mainly solar and wind power.

President Jeong stated, "KHNP will successfully promote the Bigeum Resident Solar Power Generation Project, lead renewable energy projects, and share profits with local residents to make it a model case of a resident-participatory project."

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