Naju-si to Promote 500 Billion KRW Scale 'Solar Power Generation Project'

Published 15 Nov.2023 11:42(KST)

A massive solar power generation project worth 500 billion KRW is being promoted in the industrial and agricultural complexes of Naju-si, Jeollanam-do.

Naju-si (Mayor Yoon Byung-tae) announced on the 15th that it signed a business agreement for the ‘Industrial and Agricultural Complex Rooftop Solar Project’ with four companies?Hangang Asset Management Co., Ltd., Daebo Information & Communication Co., Ltd., Hanwha Solutions Co., Ltd., and Bitgaram Solar Tech Co., Ltd.?at the city hall’s Ihwa Room the previous day.

The core of this project is to lease the roofs and rooftops of factories of tenant companies located in 11 industrial and agricultural complexes within Naju-si and install rooftop solar power facilities.

Yoon Byung-tae, Mayor of Naju City (center), is taking a commemorative photo with representatives of partner companies and officials. <br>[Photo by Naju City]

Yoon Byung-tae, Mayor of Naju City (center), is taking a commemorative photo with representatives of partner companies and officials.
[Photo by Naju City]

The city, in partnership with Korea Asset Management Co., Ltd., will attract private capital investment worth 500 billion KRW, the largest scale among domestic local governments, to build a 250-megawatt (MW) solar power generation facility.

In particular, by completely demolishing the aging asbestos slate factory roofs, which are classified as a first-class carcinogen, the project aims to improve working conditions and promote citizens’ health, transforming the complexes into eco-friendly smart industrial complexes.

About 20 representatives from the agreement companies attended the signing ceremony, including Mayor Yoon Byung-tae of Naju-si, Son Jin, CEO of Hangang Asset Management, Yoo Sung-min, Head of Sales at Hanwha Solutions, Kim Sang-wook, CEO of Daebo Information & Communication, and Yoon Yang-bae, CEO of Bitgaram Solar Tech.

According to the agreement, Hangang Asset Management Co., Ltd. will establish and invest in a dedicated solar power business fund worth 500 billion KRW; Daebo Information & Communication Co., Ltd. will be responsible for construction; and Hanwha Solutions Co., Ltd. will handle power brokerage business and supply major equipment.

Additionally, partner companies responsible for on-site construction will be preferentially selected from local construction firms to contribute to revitalizing the regional economy.

Tenant companies participating in the industrial and agricultural complexes will receive exceptional incentives such as ‘free replacement of asbestos slate roofs,’ ‘guaranteed higher rent payments compared to existing rates,’ ‘free installation of electric vehicle chargers and replacement of old diesel vehicles with electric vehicles,’ and ‘support for eco-friendly smart transformation of the complexes.’

The city aims to become an optimal leading city for carbon neutrality centered on renewable energy through this solar project by generating high added-value profits, reducing annual greenhouse gas emissions by 160,000 tons, increasing power self-sufficiency rates, and achieving the highest solar power distribution rate among basic local governments nationwide.

Mayor Yoon Byung-tae said, “This project will establish Naju’s status as a leading city in renewable energy and carbon neutrality in the era of 2050 carbon-neutral energy transition and become a successful case that enhances the competitiveness of the energy new industry, a national future growth engine.”

He added, “We will do our best to actively attract investment and provide administrative support for the successful promotion of the project so that it will greatly contribute to regional economic revitalization, including energy savings for industrial complex companies, improvement of working conditions, job creation, and increased sales for local construction companies.”