Launch of Renewable Energy Power Trading Joint Venture 'Hanwha Shinhan Terawatt Hour'

Hanwha Convergence's energy business experience and Shinhan Financial Group's financial capabilities have combined to officially launch the renewable energy power trading joint venture 'Hanwha Shinhan Terawatt Hour' on the 12th.

The launch of Terawatt Hour marks the first case in Korea where an energy company and a financial company have established a joint venture for renewable energy power trading. Hanwha and Shinhan signed a JV (joint venture) establishment memorandum of understanding in April, invested 10 billion KRW, completed the corporation establishment in September, and finalized the incorporation of Terawatt Hour into Hanwha affiliates.

The company name 'Terawatt Hour' is the largest unit commonly used to represent the amount of electricity produced or consumed in one hour. It embodies the ambition to grow into the largest domestic power trading platform connecting renewable energy production and consumption by combining Hanwha Convergence's top-level expertise in the renewable energy sector with the stability of Shinhan Financial Group, Korea's largest financial institution.

Companies requiring renewable energy purchases can receive all necessary services for RE100 implementation through Terawatt Hour. Terawatt Hour representatives analyze the power demand and supply aspects of the company's sites and propose optimal implementation plans such as self-consumption type power generation facility construction and direct power purchase agreements (PPA). Companies can use stable long-term contract services based on financial soundness without the need to understand complex regulations or search for buyers.

Additionally, it provides integrated solutions to maximize the profitability of power producers. These include long-term supply contracts (PPA) of over 20 years required for establishing renewable energy power plants such as solar and wind, financial advisory (PF), construction (EPC), and operation and management (O&M). Furthermore, renewable energy power project development and investment will be pursued concurrently using dedicated funds.

Goseonghoon, the newly appointed CEO of Terawatt Hour, stated, "Terawatt Hour was established to present reasonable implementation solutions for companies needing renewable energy purchases and power producers in response to global trends such as the expansion of the RE100 (100% renewable energy transition) campaign, ESG (environment, social, governance) management, and the introduction of carbon border tax." He added, "To respond to future changes in the power market, we will participate in the power market as an integrated power plant operator and establish ourselves as a 'renewable energy power trading specialist company' encompassing the RE100 market and KPX power market."

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