SK E&S Launches Saemangeum Floating Solar Power Development Project in Full Swing

[Asia Economy Reporter Hwang Yoon-joo] SK E&S's Saemangeum floating solar power development project, which has been underway since last year, is set to accelerate.

On the 19th, SK E&S announced that it signed a 'Business Agreement for Renewable Energy and Saemangeum Investment Attraction' with the Saemangeum Development Authority at the SK Seorin Building. The signing ceremony was attended by SK E&S CEO Choo Hyung-wook, Saemangeum Development Authority Commissioner Yang Chung-mo, and key officials.

At the event, both parties agreed to continue comprehensive cooperation to ▲ develop a large-scale 200MW floating solar power project ▲ establish a startup cluster and data center ▲ promote the Saemangeum Green Industrial Complex based on RE100 and green hydrogen.

Previously, in September last year, SK E&S was selected as the preferred negotiator for the '200MW Floating Solar Power Generation Project' through the 'Industrial Investment-type Power Generation Project' public offering led by the Saemangeum Development Authority. At that time, SK E&S presented a concrete blueprint to attract about 2.1 trillion KRW in investment to build a startup cluster and data center, nurturing Saemangeum as a representative carbon-neutral innovation city in Korea.

Starting with the signing of this agreement, SK E&S plans to accelerate the Saemangeum project. First, within this year, it will begin design and permit procedures for the startup cluster construction and aims to successfully establish a startup cluster based on a complex library, making it a landmark of Saemangeum.

Additionally, SK E&S plans to attract a 'Hyperscale data center' to create quality jobs and drive regional growth.

The floating solar power project is scheduled to begin construction in March next year. SK E&S emphasized that the Saemangeum project, including floating solar power, is significant in practically leading domestic companies, including SK Group, to fulfill their RE100 commitments.

SK E&S is the leading company driving SK Group's eco-friendly energy business and is the largest private renewable energy operator in Korea, developing and operating over 2GW of renewable energy projects domestically. In fact, SK E&S is collaborating with eight SK member companies, including SK Hynix and SK Telecom, which declared RE100 membership at the end of last year, and plans to sign long-term renewable energy supply contracts (PPA) within the year to fulfill RE100 commitments. Through this, it aims to make a tangible contribution to carbon reduction and secure RE100 leadership as an eco-friendly energy company.

Furthermore, SK E&S stated that it will actively participate in the green industrial complex and green hydrogen production base promoted by the Saemangeum Development Authority, creating new jobs and contributing to Korea's RE100 implementation and hydrogen economy revitalization by fostering the related industrial ecosystem.

In particular, since SK E&S has identified the hydrogen business as a next-generation growth engine and has been making various investments for clean hydrogen production since early this year, it added that greater synergy effects are expected once the renewable energy-based green hydrogen production complex promoted by the Saemangeum Development Authority is fully established.

Choo Hyung-wook, CEO of SK E&S, said, "The Saemangeum floating solar power project is a nationally significant project that can substantially reduce fossil fuel use. Especially, large-scale solar power projects and renewable energy-based RE100 projects can be stably executed by companies like SK E&S, which have extensive experience in power trading and sufficient know-how in power generation operations."

Yang Chung-mo, Commissioner of the Saemangeum Development Authority, also said, "SK E&S's Saemangeum project is a leading model of the Korean New Deal, organically combining renewable energy, data centers, and venture cultivation. The government will actively support the project to secure momentum for its promotion."

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