Woori Technology Enters Renewable Power Repowering Business

[Asia Economy Reporter Jang Hyowon] Woori Technology announced on the 23rd that it has been selected as the domestic renewable energy 'Repowering' project system construction company. Through this project, Woori Technology will expand its business sector not only to new renewable energy power plant projects but also to the upgrade field of existing low-efficiency renewable energy power plants.

Renewable energy 'Repowering' is a business that replaces aging power plants or outdated facilities with the latest large-scale equipment to increase power generation capacity and improve management efficiency. It is a recently highlighted business area because it can dramatically improve the operating rate and operational status of power plants that have been in operation for more than 20 years and have become outdated or have decreased productivity.

Woori Technology signed a contract with 'KEPCO Engineering & Construction' for the design and construction of a CMS (Condition Monitoring System) for wind power generation condition monitoring equipment. Through this, it plans to carry out the design and construction work of CMS equipment for Yeongdeok Wind Power over the next year.

CMS is a device that analyzes the operation data and measurement signals of wind turbines to diagnose abnormalities in the generator in advance, and it is a key piece of equipment for monitoring wind power generation facilities. In June, Woori Technology succeeded in internalizing CMS-related technology by acquiring the wind power control monitoring business of 'SM Instrument,' the number one domestic company in the wind power control field.

A Woori Technology official said, "Since this repowering project was conducted through bidding, Woori Technology was finally selected as the CMS construction company by competing with global companies in the 'predictive maintenance' field, which means that our external technological competitiveness has been recognized," and added, "We will strengthen our position as an eco-friendly energy company by promoting the commercialization and localization of core components and systems through continuous R&D in renewable energy fields including onshore and offshore wind power generation."

He continued, "We plan to steadily expand the renewable energy business area, including new power plant construction and operation, offshore wind installation vessel operation, and entry into the repowering business," adding, "Through this, we will expand market influence and diversify the profit structure."

Yeongdeok Wind Power is the first privately led commercial wind power plant in Korea with a capacity of 39.6MW, which began commercial operation in 2004. It is currently operated by STI and is the first repowering project for a wind power plant in Korea. Upon completion of the repowering project in 2025, Yeongdeok Wind Power is expected to be transformed into a large-scale power plant with a capacity of 126MW.

Woori Technology is securing financial capabilities to promote renewable energy projects, following a business agreement to expand renewable energy projects with the energy specialist company 'STI,' which holds cash assets worth about 1 trillion KRW, and successfully attracting large-scale funding of 300 billion KRW from domestic financial companies.

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