Korea Hydro & Nuclear Power and Persipico Promote Joint Solar Power Project Development in the Southwestern Region

Stage 1 500MW Goal... "Revitalizing Local Economy Through Profit-Sharing Projects"

Korea Hydro & Nuclear Power headquarters building. (Photo by Korea Hydro & Nuclear Power)

[Asia Economy Reporter Moon Chaeseok] Korea Hydro & Nuclear Power announced on the 14th that it has signed a Memorandum of Understanding (MOU) for joint project development with Pacifico Energy Korea to cooperate for the successful development and investment of a large-scale solar power project in the southwestern region's Green New Deal.

According to the agreement, the two companies agreed to respond to the government's 'Post-Corona' crisis recovery Green New Deal policy.

To promote domestic renewable energy, they will maintain a mutual cooperation relationship regarding the 200MW onshore solar power project in Sinui-myeon, Shinan-gun, Jeollanam-do, the 38MW onshore solar power project in Anjwa-myeon, Shinan-gun, and future large-scale solar power projects to be promoted in the southwestern region.

The projects will be promoted as resident profit-sharing types, sharing profits with the local community during the operation period.

The 200MW solar power plant in Sinui-myeon is expected to be completed in August 2022 with a total project cost of 330 billion KRW.

The 38MW solar power plant in Anjwa-myeon, Shinan-gun, Jeollanam-do is expected to be completed in October 2022 with a total project cost of 63 billion KRW.

The two companies will perform respective roles such as equity investment, permits, and overall construction management.

Lee Insik, head of KHNP's Green Energy Headquarters, said, "Through this project, we expect not only to secure leadership in large-scale renewable energy projects in the southwestern region but also to contribute to revitalizing the depressed local economy by sharing profits with local residents."

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