Dongseo Power-Hanwha Solutions, RE100 Achievement Business Agreement

Development of Business Models such as Virtual Power Purchase Agreements
Expansion of Renewable Energy including Rooftop Solar Power

Korea East-West Power announced on the 3rd that it has signed a business agreement with Hanwha Solutions to implement RE100.

RE100 is an international corporate initiative to replace 100% of the electricity used by companies with renewable energy. The two companies plan to contribute to the expansion of renewable energy distribution by developing new business models such as virtual power purchase agreements (Virtual PPA) for solar power plants.

A virtual power purchase agreement is a method of virtually purchasing electricity generated from solar power plants, where companies and power producers sign contracts at a fixed price and then settle the difference between the fixed price and the market electricity price.

Additionally, to achieve RE100, the two companies will develop solar power on idle land within industrial complexes to promote clean energy production and supply to the renewable energy source market. Companies providing idle land will generate additional revenue such as roof rental fees.

Kim Young-moon, CEO of East-West Power, said, “The core of carbon neutrality and sustainable corporate development is RE100,” adding, “East-West Power will do its best to develop and provide various solutions to support companies in achieving RE100.”

Exterior view of the headquarters building of East-West Power.

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