Jungbu Power-Hanwha Energy Win Korea's Largest Overseas Solar-Linked ESS Contract

Power Purchase Agreement for 128MW Solar and 232MWh ESS Project in Nevada, USA
"Largest Overseas Solar-Linked ESS Project Among Domestic Companies"
Jungbu Power to Advance ESS in California and Solar Projects in Texas
"Securing 1GW Each of Solar and Wind by 2022"
Hanwha Energy Holds Over 10GW North American Solar Projects Through Subsidiaries

[Asia Economy Reporter Moon Chaeseok] Korea Midland Power and Hanwha Energy announced on the 22nd that they have secured the largest overseas solar power-linked energy storage system (ESS) project among domestic companies.

The two companies revealed that they signed a power purchase agreement for the Boulder Solar Phase 3 power generation project with Nevada Energy in the United States. The project involves 128MW of solar power and 232MWh of ESS capacity in the state of Nevada.

The project is expected to supply electricity to 36,000 households annually in Nevada. Midland Power anticipates that the integration of ESS will contribute to stable power grid operation.

A representative from Midland Power stated, "It is particularly significant as we have secured the largest overseas solar power-linked ESS project among domestic companies."

Panoramic view of the Phase 3 project site of the Boulder Solar Power Project. (Photo by Korea Midland Power Co., Ltd.)

For the project, Midland Power established Komipo America in the United States in 2012 and promoted phased development (Phase 1: 100MW and Phase 2: 50MW) with local solar company SunPower, completing construction in January 2017.

The project is being carried out through a partnership with Hanwha Energy.

According to Midland Power, if the project is successfully completed, Korean companies will jointly enter the highly competitive U.S. solar power market. This will mark a symbolic achievement of developing, constructing, and commercially operating large-scale solar power plants and ESS in the U.S.

Midland Power plans to actively implement its overseas new and renewable energy business strategy centered on advanced markets in the U.S. and Europe through this project.

By 2022, they aim to secure 1GW of solar power and 1GW of wind power assets. To achieve this, they will actively promote ESS projects in California and solar power projects in Texas in collaboration with domestic companies.

Park Hyung-gu, President of Midland Power, said, "We will successfully carry out the project to respond to the global energy paradigm shift and support the government's Green New Deal policy. Through this, we plan to actively expand into overseas new and renewable energy sectors with domestic companies."

Exterior view of Korea Midland Power headquarters. (Photo by Korea Midland Power)

Hanwha Energy has prior experience developing projects by signing power purchase agreements exceeding 500MW with Nevada Energy, a power company in Nevada. Through its subsidiary 174 Power Global, it directly manages all aspects of the business including project development, financing, and power plant operation.

174 Power Global has established itself as a leader in the industry by holding projects exceeding 2GW in power purchase agreements (PPA) and over 10GW in development in the North American solar market, including this project. Leveraging its solar development capabilities, 174 Power Global is also strengthening its position in ESS project development.

Jung In-seop, CEO of Hanwha Energy, said, "The project is significant as a joint development between a private company and a public enterprise. We will use this as an opportunity to further solidify the position of Korean energy companies in the U.S. and continue to achieve sustained business success."

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