Hyundai Construction Officially Launches Renewable Energy Power Brokerage Business

Agreement Signed for Energy Self-Sufficiency Project at Incheon Namdong Industrial Complex

Hyundai Engineering & Construction announced on the 20th that it has signed an agreement to officially commence the ‘Energy Self-Sufficiency Infrastructure Construction and Operation Project’ (hereinafter referred to as the Energy Self-Sufficiency Project) at the Incheon Namdong Industrial Complex.

Hyundai Construction Gyedong Office Building. [Photo by Hyundai Construction]

This project involves a consortium led by Incheon Technopark, including Hyundai Engineering & Construction (power generation infrastructure construction), KT (energy management system construction), and Uhost (high-efficiency equipment installation).

As the overall leader of the power generation infrastructure construction project, Hyundai Engineering & Construction will be responsible for building and operating renewable energy power generation facilities and renewable energy power trading, together with JH Energy and Wonkwang S&T, leading solar energy companies in Incheon.

The Energy Self-Sufficiency Project is part of the Smart Green Industrial Complex Promotion Project led by the Korea Industrial Complex Corporation. Its core objectives are to reduce carbon emissions in industrial complexes, transition to renewable energy, and support RE100 for small and medium-sized enterprises by establishing renewable energy power plants and integrated energy management systems.

The Incheon Namdong Industrial Complex was selected through a public competition in April and will complete infrastructure construction by 2025, after which the operation project will officially begin.

In this Energy Self-Sufficiency Project, Hyundai Engineering & Construction will introduce the ‘On-Site PPA (Power Purchase Agreement)’ transaction method for the first time in an industrial complex.

On-Site PPA is a method where a power producer leases rooftops or idle land from companies (power consumers) wishing to use renewable energy, builds renewable energy power generation facilities, and operates them responsibly. The generated power is not connected to the KEPCO transmission network but is entirely self-used by the power-consuming companies.

Hyundai Engineering & Construction plans to build a 7.5 MW solar power plant on factory rooftops leased from tenant companies within the Incheon Namdong Industrial Complex to produce eco-friendly electricity and supply the generated power at a low cost. This will allow tenant companies to reduce their electricity bills and fulfill RE100 commitments by participating in renewable energy power generation projects.

A Hyundai Engineering & Construction official stated, “Starting with the Incheon Namdong Industrial Complex Energy Self-Sufficiency Project, we will practically expand renewable energy supply to major industrial complexes and medium and small enterprises nationwide, continuously developing various business models and products that can lower the entry barriers to RE100. Regardless of company size, we plan to create an energy transition market where the industrial sector can collectively join the journey toward carbon neutrality.”

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