Lotte Chemical Initiates Direct Power Trading for Hapcheon Dam Floating Solar Power

Business Agreement between Korea Water Resources Corporation and Partners

Lotte Chemical will receive electricity generated from floating solar power at Hapcheon Dam.

On the 14th, Lotte Chemical announced that it signed a direct power trading business agreement for the second phase of the Hapcheon Dam floating solar power project with Korea Water Resources Corporation at Lotte World Tower in Seoul on the 11th.

Lee Hoon-ki, CEO of Lotte Chemical (right), is taking a commemorative photo with Yoon Seok-dae, President of Korea Water Resources Corporation, at the "Hapcheon Dam Floating Solar Power Phase 2 Direct Power Trading Business Agreement" event held on the 11th at Lotte World Tower in Seoul. (Photo by Lotte Chemical)

The second phase of the Hapcheon Dam floating solar power project, promoted by Korea Water Resources Corporation, involves installing power generation facilities with a capacity of 20 MW on the surface of Hapcheon Dam by December 2025, with a total project cost of 36.6 billion KRW. The annual power generation is 26,618 MWh on average, which can cover the annual electricity consumption of approximately 10,000 households.

Lotte Chemical will receive renewable energy generated from the floating solar power through a direct power trading method. Through direct power trading, where power producers and consumers trade electricity directly without going through the power market, power users can utilize this to fulfill the 'RE100 (Renewable Energy 100%)' campaign and overcome green trade barriers such as the Carbon Border Adjustment Mechanism (CBAM).

This agreement is the first direct power trading agreement implemented by Korea Water Resources Corporation for a floating solar power project. It is promoted as a model that shares power generation profits with local residents, and it is expected to provide various directions for future floating solar power projects.

Additionally, Lotte Chemical plans to achieve RE100 by 2050 through the introduction of its own renewable energy facilities, direct power trading, and securing renewable energy certificates.

Lee Hoon-ki, CEO of Lotte Chemical, stated, "We recognize environmental value as a core element of our management activities and are carrying out various initiatives to practice environmental management. We will contribute to carbon neutrality by implementing various measures to achieve RE100 as planned."