MYTILINEOS develops solar energy projects in South Korea

MYTILINEOS, in the context of its expansion strategy in global markets, through activities in the entire range of solar energy projects, announced the completion of the construction of a 1.55MW photovoltaic project in the Yangpyung-gun region in South Korea, by the Renewables & Storage Development Business Unit (RSD).

This project is the first project of MYTILINEOS in South Korea and the wider region of East Asia, marking a new era for the RSD Sector, as it is one of the few European companies with successful penetration in the Asian market.

The Yangpyung-gun project secured the price of 119000 won N. Korea/MWh ($100/MWh) through a competitive bid submitted in February 2021. Upon completion, it is expected to produce annually 2000 renewable energy certificates (REC) that will be sold to the Korean District Heating Company on the basis of a 20-year offtake agreement (PPA).

The RSD Unit of MYTILINEOS is further consolidating its position in the country by developing a 36MW photovoltaic project in the Gonam-Myeon region, Taean Province. The project has already received an energy production license and has applied for a construction permit. Within the next two years, the Sector aims to develop from a zero base large-scale solar photovoltaic energy projects amounting to 300MW through the acquisition of a package of small-scale solar energy projects with a maximum capacity of 50MW.

“South Korea is a strategically important market for the expansion of MYTILINEOS to the countries of the Asia-Pacific region and a great opportunity to consolidate the presence of the RSD Sector globally. We are delighted to be one of the few companies internationally to penetrate this competitive market and to assist South Korea’s ‘green’ goals.”, stated Nikos Papapetrou, General Manager of the RSD Unit of MYTILINEOS.

MYTILINEOS implements its NetZeroAction corporate strategy, expanding its footprint in the renewables market of the Asia-Pacific region, following its expansion in Europe, Latin America and Australia.

The total capacity of the international portfolio of the RSD Segment is of the order of 1,963 MW, of which 121MW is running, 526MW are under construction, 608MW have been licensed and are ready for Construction – Ready To Build (RTB) or at the Ready for Construction level in the first half of 2022 and 708 MW at ready to build (RTB) level by the end of 2022.

In addition to the above, this portfolio also includes projects at an early stage of development with a capacity of around 3.0GW.

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