Renewable energy for industrial use is taking a giant leap forward in South Korea, where – together with local partners – Enel X Korea will be creating renewable energy infrastructure for the Pyeongtaek Industrial Complex, some 70 km south of the country’s capital, Seoul. The ‘Gyeonggi Industrial Complex RE100 Project’ – to be led by Enel X Korea and Korea Midland Power Co (KOMIPO) – was officially announced by the Gyeonggi Province Government on November 16.
Turning idle rooftops into clean energy powerhouses
Gyeonggi is South Korea’s most populous province – comprising about half of the country’s 50-plus million inhabitants – and it geographically includes Seoul. According to the terms of the deal, whose principal aim is to spread the production and use of renewable energy, the partners will be installing photovoltaic panels on the rooftops of buildings in the Pyeongtaek Industrial Complex. The energy produced will be sold to Samsung Electronics, enabling the tech giant to source clean electricity over the contract’s 20-year duration and contributing to its RE100 goal for its local business operations. The deal is the largest ever public-private partnership of its kind in South Korea and is the first Gyeonggi Industrial Complex RE100 project.
A massive investment in support of sustainability
As part of the deal, the Enel X Korea-led consortium will not only build the renewable energy infrastructure on the roofs and unused land within industrial complex in Gyeonggi Province; it will also find and invest in sites for industrial park tenants as well as generate and supply electricity to the factories within the complex and external companies. Enel X Korea – part of a consortium of 11 companies – was selected through Gyeonggi Province’s competitive bidding process.
Building a new business model for renewables with Enel X
The ‘Gyeonggi Industrial Complex RE100 Project’ is an important first step for Enel X Korea in its efforts to support companies in Gyeonggi Province in achieving their RE100 targets, improve their export competitiveness, and provide renewable energy and supply through investments. Through this agreement, Enel X Korea plans to develop business models and projects that allow companies to lease their facility rooftops to gain rental income and make equity investments.