Jungbu Power, King of Overseas Business Performance... Largest Scale Among Power Generation Companies

Recorded 44 Billion KRW Net Profit Last Year
Leading Achievements in Advanced Countries' Renewable Energy Market

Korea Midland Power achieved the highest net profit ever recorded by a power generation company in its overseas business sector. On the 5th, Midland Power announced that its net profit from overseas business reached 44 billion KRW last year, marking an all-time high.

A representative from Midland Power stated, "This result comes from strengthening capabilities to enhance the efficiency of overseas business operations and continuous improvement of the profit structure, as well as being the first power generation company to proactively lead all development stages in the advanced countries' renewable energy market." They added, "Building on the experience of the Wampu Hydroelectric Power Plant in Indonesia, which began commercial operation in 2016 as the first among power groups, we have expanded our presence to the European market and have been recognized for our outstanding power project construction and operation management capabilities."

Since starting commercial operation of the Wampu Hydroelectric Power Plant in 2016, Midland Power successfully constructed and began commercial operation of the Indonesia Tanggamus Hydroelectric Power Plant in 2018. In both projects, Midland Power, as the largest shareholder, played a leading role throughout the entire business process, including project development, financing, construction management, and operation maintenance. Through a 30-year power sales contract with the Indonesian state electricity company, approximately 280 billion KRW in revenue is expected. Additionally, the company has secured carbon emission credits equivalent to 220,000 tons annually, recognized by the United Nations for greenhouse gas reduction effects, thereby creating added value and aligning with the global trend toward carbon neutrality.

Based on its experience in Indonesian hydroelectric projects, Midland Power is seeking to expand its entry into overseas hydroelectric markets and secure carbon emission credits. Through business diversification via 'Team Korea' collaboration, including support for export channel development, the company plans to actively respond to the government's social value initiatives by creating jobs and expanding overseas joint ventures.

Midland Power's strategy is to secure a sustainable growth foundation through initial renewable energy projects and follow-up contracts in Europe. During the development of the Stavbro Wind Power Project in Sweden, the company signed a technical support service contract to serve as the representative of Korean shareholders and oversee integrated operation and maintenance (O&M) management throughout construction and operation periods. This enabled timely completion and commencement of commercial operation based on accumulated know-how from various renewable energy projects. Leveraging this project, Midland Power has been recognized for its renewable energy project development and construction management capabilities in Europe, successfully securing the follow-up Swedish Gubaberg Wind Project through mutual cooperation with leading local companies, with construction starting in July 2021.

Midland Power has also diversified its renewable energy portfolio through the 'Tripartite Memorandum of Understanding Signing Ceremony for Joint Development of Onshore and Offshore Wind Power in Northern Europe.' Prime Capital, a German asset management firm investing 1 billion euros (approximately 1.4 trillion KRW) in European renewable assets, and RES Renewable Norden, the Northern Europe renewable developer of the UK-based RES Group operating 13 wind power projects in Northern Europe, are signatories to the MOU. Through this, Midland Power, as the first power group company to enter the European renewable energy market, expects to further strengthen its competitiveness in securing and operating additional projects in the Northern European region, which has excellent onshore and offshore wind conditions.

Currently, in addition to the Swedish wind power project, Midland Power is constructing and operating overseas renewable energy facilities totaling 1GW, including the Primera Solar Project in Spain, Electron Energy Storage System (ESS) in the United States, and the Ellara Solar Project, promoting expansion of overseas renewable development. The company plans to increase the share of renewable energy generation to 40% by 2040 by expanding large-scale offshore wind and solar assets, concentrating all corporate capabilities toward this goal.

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