Overseas Orders in Energy Transition... Busy Power Companies with the 'Green New Deal'

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

[Asia Economy Reporter Moon Chaeseok] Major power generation companies are accelerating their efforts in the Green New Deal projects. They are making bold moves to shift the energy mix of power plants to new and renewable energy, and are actively working to achieve tangible results, such as securing the largest overseas solar-linked energy storage system (ESS) project in Korea.

Korea East-West Power held a completion ceremony for the Dangjin Eco Solar Power Plant on the 23rd. The capacity consists of 9.8 megawatts (MW) of solar power and 24.5 megawatt-hours (MWh) of energy storage system (ESS), generating 13,000 MWh of electricity annually to supply 3,500 households.

Initially, there were plans to build a coal-fired power plant in the area, but following the government's eco-friendly energy transition policy and Dangjin City's declaration of a special energy transition city vision, the project was shifted to constructing a renewable energy power complex.

East-West Power described this as "a representative milestone of the energy transition policy."

They also created a 'Green New Deal model' through labor-management agreement. Through the so-called 'East-West Power-type New Deal,' they plan to expand eco-friendly and digital investments.

By 2025, they aim to focus investments on eco-friendly power generation projects such as new and renewable energy and digital power operation sectors to accelerate energy transition, create jobs, and contribute to overcoming the economic crisis. They will continuously discover and promote Green New Deal tasks such as significantly expanding new and renewable energy, building smart energy cities, and improving campus energy efficiency.

Performance by Korea Midland Power also drew attention. Last week, they secured ▲ the largest overseas solar-linked energy storage system (ESS) project in Korea ▲ and signed a solar power generation business agreement with Gimje City.

Earlier, on the 22nd, Korea Midland Power and Hanwha Energy announced that they signed a power purchase agreement (PPA) with Nevada Energy for the Boulder Solar Phase 3 project underway in Nevada, USA. The project involves 128 MW of solar power and 232 MWh of ESS, marking the largest scale of overseas solar-linked ESS projects by a Korean company.

Korea Midland Power stated, "It is highly significant as a joint entry of Korean companies into the fiercely competitive US solar market," and expressed expectations that successful completion of the project will greatly aid in securing follow-up orders.

On the 14th, the government announced plans to invest a total of 73.4 trillion won in the Green New Deal by 2025 to create 659,000 jobs. Of this, 35.8 trillion won will be invested in the transition to new and renewable energy, closely related to power generation operators, aiming to create 209,000 jobs.

The main policies include ▲ building intelligent smart grids for energy management efficiency ▲ establishing a foundation for the spread of new and renewable energy and supporting a fair transition ▲ introducing solar power resident participation profit-sharing projects ▲ expanding loan support for solar power in rural and industrial complexes ▲ supporting wind measurement and feasibility studies in up to 13 regions.

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