BDI Reviews Renewable Energy Projects... "Will Proceed as Planned Without Any Setbacks"
[Asia Economy Reporter Hyunseok Yoo] Eco-energy global leading company VIDI has completed a review of its overall renewable energy business and announced on the 6th that it plans to proceed with the business as scheduled without any setbacks.
Currently, the renewable energy projects VIDI has secured orders for include ▲solar power generation (154 billion KRW) ▲onshore and offshore wind power generation (903.2 billion KRW) ▲fuel cell power generation (324.6 billion KRW) ▲waste solid fuel gasification power generation (50 billion KRW), totaling approximately 1.43 trillion KRW.
According to the government's Green New Deal policy, the scale of offshore wind power generation is targeted to double to 24.9 GW by 2034, increasing the share of renewable energy centered on offshore wind power generation. In the 'Offshore Wind Power Development Plan' announced last year, policy support to enhance development permits and resident acceptance has been strengthened, which is expected to shorten the time required for permits.
VIDI is currently making proactive investments in onshore and offshore wind power projects. Recently, to facilitate smooth progress of renewable energy projects centered on offshore wind power generation as well as onshore, VIDI has swiftly signed business agreements with specialized companies such as ‘Korea Marine Technology’.
The ‘Gampo Pine Wind Power Project’ in the Gampo-eup area of Gyeongju City is currently undergoing smooth development activity review, and development approval is expected as early as within this year. Subsequently, the project plans to commence full-scale construction in March next year through project financing (PF).
The ‘Wando Offshore Wind Power Project (installed capacity 148.5 MW, 391.8 billion KRW)’, secured in May, has signed a marine survey service contract with ‘Korea Marine Technology’ and completed an overall seabed condition survey. VIDI plans to use the seabed survey results as basic data for future development permit applications and is currently pursuing a service contract for environmental impact assessment.
A VIDI official stated, “Although the company has recently faced difficulties, the Gampo Wind Power Project is progressing smoothly, so we expect sales growth and financial structure improvement next year,” adding, “The renewable energy projects the company has secured will also be steadily promoted step by step without setbacks.”
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He continued, “In the case of renewable energy projects, in addition to sales from EPC (Engineering, Procurement, and Construction) execution, we hold a certain equity stake in the SPC, generating additional revenue from electricity and Renewable Energy Certificate (REC) sales,” and added, “Moreover, through power plant operation and maintenance (O&M) contracts, stable sales can be expected over the next 20 years.”
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