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The renewable energy generation business expands overseas territories beyond domestic ones
Five ‘TRUST’ strategies … Target 30% of total energy generation by 2030
Active promotion of the expansion of the solar, wind and ESS power generation business in Europe and North America.
Midbu Power has already exported the Korean standard coal power model to Indonesia and is delivering construction and operation technology and know-how through power plant projects such as Cirebon Thermal Power, Tanjung Jati Thermal Power, Whampu Hydropower and Tanggamus Hydropower. However, in line with the global energy paradigm shift amid the climate crisis, the company plans to demonstrate its excellence in the field of new and renewable energy.
Midland Power’s TRUST strategy for diffusion of clean energy is ▶ Together (together through collaboration) ▶ Reduction (reduction of pollutants through renewable energy) ▶ Use (use of waste resources for future generations) ▶ Share ( share energy) It is made up of five strategic tasks including Tighten (to increase capacities throughout the business cycle). Needless to say, it plays a key role in Midland Power’s renewables expansion strategy.
Midbu Power, which plans to expand 30% of the power generation rate to renewable energy by 2030. Midbu Power’s strategy to expand renewables, established as ‘TRUST’, is contained in the document.
▲ Multilateral collaboration · New perspective … Pioneering Hue Energy
KOMIPO signed a trade agreement with Inje-gun, Gangwon-do in August 2019, and is accelerating the development of new win-win regional renewable projects, such as a pilot project for fisheries coexistence using Hwang Tae-deokjang, the first in Korea. In particular, this project is evaluated as an exemplary case of efficient use of domestic tribal resources and local coexistence through the utilization of idle lands through collaboration between local governments and public institutions.
In addition, it is promoting a project with excellent effectiveness since it can efficiently use the national territory as well as cooperation between public institutions through the development of a solar energy project using idle land and facilities throughout the country. It is actively participating in Rural Community Corporation freshwater solar power project such as Seokmun Lake Water Solar Power (80MW), and developing new business areas.
Along with this, Jungbu Power is promoting wellness programs for the safety of underserved neighbors and the public through ‘Project Hope Nuri’. In September 2019, solar trees (solar trees) were installed at three locations in Boryeong City, including Daecheon Station, Daecheon Beach, and Jungbu Power Headquarters. It is expected to use the superior solar module to provide information on fine dust and wireless charging of smartphones, and use LED lighting at night to revitalize the dark city center. Meanwhile, Jungbu Power has supplied 165 kW solar power installations to 18 social welfare installations.
▲ Leading the development of new green technologies … Creating a new and renewable blue ocean
KOMIPO actively participates in the development of various new technologies under the conviction that only obtaining new national technologies will guarantee the future of the new and renewable energy business.
First, in May 2018, the development of an optical pattern-shaped wall-type solar module was started to improve power generation efficiency and, through prototype production and demonstration evaluation, a vertical application that will be It can apply to the wall of a building with an efficiency improvement effect of 10% or more compared to general solar modules. It is expected to introduce a typical solar module.
In addition, the IoT-coupled solar panel smart cleaning robot is actively responding to the security problem, which is a recent social problem, avoiding efficiency reduction due to panel contamination and using robots instead of people to work on high places.
In addition, on December 22 last year, it acquired a license for the Jeju Sangmyung Wind Power P2G (Power To Gas) green hydrogen facility and began a large-scale test. The result was the first green hydrogen production.
The first green hydrogen produced in Korea using wind power is expected to contribute greatly to the achievement of ‘expanding the use of cleanly produced electricity and hydrogen’ among the five basic directions of government policy ‘2050 carbon neutral’, and the conversion of renewable energy and hydrogen-centric green energy supply.
Based on the experience of developing Jeju Sangmyeong Wind Power, a successful business model that coexists with the local community, Jungbu Power is following a development strategy focused on the local community and residents to ensure buy-in from residents. Jeju Hanlim Offshore Wind Power, Boryeong Wind Power, Kimje Changshin Wind Power, etc. Commercial development is expanding into coastal areas with excellent wind conditions and reclaimed areas on the west and south coasts. In particular, in accordance with the restrictions on the development location of onshore wind, it is focusing on the development of high potential offshore wind, such as Seocheon Offshore Wind Power and Yeongwang Offshore Wind Power.
▲ The power of ‘Team Korea’
Not only that. Jungbu Power plans to lead global energy conversion by promoting renewable energy generation projects abroad.
In the low power that Midbu Power is promoting new and renewable projects abroad, there is experience that the Indonesian hydroelectric project was a success. In April 2016, the Whampu Hydroelectric Plant (45MW), which started commercial operations for the first time as a company of the national electricity group, was the starting point, and in July 2018, the Tanggamus Hydroelectric Plant (55.4MW) successfully completed construction and started business operation one after another.
As the largest shareholder of the two businesses, Jungbu Power has played a leading role in the overall business, including business development, financing, construction management and operation maintenance, and its own revenue of approximately 280 thousand million won through a 30-year electricity sales contract with Indonesia Electric Power Corporation. You are expected to believe. In addition, it has been recognized by the United Nations for its greenhouse gas reduction effect and has been accredited with 220,000 tons of CER (Certified Emission Reduction) per year, and keeps pace with the global trend of low green growth in carbon.
Furthermore, these projects have been established as a standard model for a representative project of private power generation abroad of export type in which national companies participated in the ‘Team Korea’ method throughout the project process, from financing (Export-Import Bank of Korea) to the construction of power plants (POSCO E&C, national SMEs). I was a pagan.
▲ Driving progress in the European and North American markets
Jungbu Power is currently carrying out additional hydroelectric plant projects at four locations in Indonesia. All four projects, including Siborpa (114MW), passed a preliminary assessment for the hydroelectric project tender by Indonesia Electric Power Corporation in March 2019. Although the tender announcement related to Indonesia’s electricity policy review and the Preferred carrier selection is delayed, Preferred carrier selection results are expected to come out soon.
The successful entry of Indonesia’s hydroelectric business is not the only part of Jungbu Power’s overseas renewable business. Midland Power is actively promoting solar and wind power generation projects in Europe and North America, which are leading the global energy paradigm.
The Stavro wind farm (254MW) is being developed jointly with Korean and German financial investors in the north central part of Sweden in Northern Europe, where wind resources are abundant, and the financial closing ceremony and the opening ceremony were held held in November 2019.
In particular, KOMIPO is fulfilling its responsibilities as a public corporation by jointly promoting renewable energy projects abroad to revitalize the domestic renewable energy market and create new sources of income for equipment manufacturing companies and domestic financial institutions.
These achievements and experiences lead to additional business opportunities and they are jointly developing a solar energy business in Texas with a Korean company and also promoting the energy storage (ESS) business in California with a national company. In particular, the ESS business is in the spotlight as a means to solve the problem of power quality and electrical system instability that arises in a situation where the US renewable market is growing. quickly and its importance and marketability are highly evaluated.
KOMIPO plans to enter these new markets at an early stage, secure operational technology and development capabilities, and advance to other countries as well.
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