[IPO] Geumyang Green Power "Leap to a Global Green Energy Total Solution Company"

[Asia Economy Reporter Jang Hyowon] “We will become a game changer leading the eco-friendly energy trend in the global market.”

Geumyang Green Power, aiming to become a global total solution company for renewable energy, held an IPO press conference on the 22nd in Yeouido, Seoul, announcing its growth plans and vision after listing.

Yoonchul Lee, CEO of Geumyang Green Power.

Founded in 1993, Geumyang Green Power is the only domestic company specializing in electrical construction, securing a leading position in the domestic and overseas plant markets, and rapidly expanding its renewable energy business portfolio based on this foundation.

In response to the paradigm shift in the plant industry, the company vertically expanded the fields where electrical and instrumentation construction are integrated from chemical and industrial plants to power plants. Based on numerous successful domestic plant construction achievements, it has also expanded overseas, successfully completing about 100 overseas plant construction projects.

Geumyang Green Power has been recognized for its competitiveness, including performance references, overseas networks, and possession of professional personnel, and has been granted bidding participation qualifications by global players in the chemical plant market such as ARAMCO and ADNOC.

Additionally, the company has horizontally expanded its business areas from participating only in existing EPC (Engineering, Procurement, Construction) related to the renewable energy business value chain to entering renewable energy development investment and power generation business, covering feasibility studies, development, power plant operation, and maintenance businesses. Through this, stable cash flow generation and business stability have greatly increased, and the renewable energy business is rapidly expanding with virtuous cycle investments.

In particular, while most domestic and foreign EPC companies participate from the detailed design stage rather than the basic or connection design stages, Geumyang Green Power participates from the basic design stage based on know-how accumulated through transmission and substation line construction. The recently completed '3DC Onshore Basic Design' ordered from floating offshore wind power developers in Ulsan provides solutions for permits, site selection, construction methods, and feasibility analysis from the onshore landing point to the Korea Electric Power Corporation substation system connection.

By securing and successfully completing the onshore basic design for a large-scale 3GW offshore wind power project in the early-stage domestic offshore wind market, the company has proven its technological capabilities. It plans to participate in connection design and additional basic designs to be ordered by offshore wind power developers in the future.

Geumyang Green Power participates in various projects including the Boeun fuel cell power generation project, Taebaek, Samcheok, and Gyeongju wind power projects, Ulsan floating offshore wind power project, and Oma solar power, covering onshore and offshore wind power, solar power, and fuel cell power generation businesses. Among them, the Boeun fuel cell project, which has the earliest schedule, is expected to generate power sales by directly operating the power plant from the second half of 2024. The company is also currently conducting commissioning and maintenance for Shin-Kori Units 5 and 6 and plans to expand its business from existing thermal and industrial plant maintenance to new nuclear maintenance to maximize profitability.

Lee Yooncheol, CEO of Geumyang Green Power, stated, “The funds raised through this listing will be used for renewable energy development investments for the company’s mid- to long-term growth,” adding, “Based on the increased external credibility after listing, we will strengthen collaboration with global companies and leap forward as a first mover in the global renewable energy market.”

Meanwhile, Geumyang Green Power will conduct demand forecasting on the 23rd and 24th to finalize the public offering price, proceed with subscription on March 2nd and 3rd, and list on KOSDAQ within March. The total number of shares offered is 3.01 million, with a proposed price band of 6,700 to 8,000 KRW, totaling approximately 20.1 to 24 billion KRW. Samsung Securities is the lead underwriter.

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