Mytilineos completes construction of solar project in South Korea
Mytilineos S.A. on Monday reaffirmed its strategy in expanding its solar activity in markets around the world, by announcing the completion of the construction of a 1.55 MW Solar PV project in Yangpyung-gun in South Korea, by its Renewables and Storage Development (RSD) Business Unit.
This is the first Mytilineos’ project in South Korea and in the broader East Asia Region, signaling a new era for the RSD business unit, being one of the few European companies to succesfully enter the Asian market.
The Yangpyung-gun project has secured a tariff of KRW119000/MWh (US dollars 100/MWh) through the competitive bidding that took place in February 2021. Once completed, it is expected to generate about 2000 units of renewable energy certificates (RECs) each year. The RECs generated shall be sold to Korea District Heating Corporation under a 20-year offtake agreement (PPA).
The RSD business unit of Mytilineos is further establishing its position in the country by also developing a 36 MW PV project in Gonam-Myeon, Taean County. The project has already received a power generation license and has applied for a development permit. In the next two years, the RSD Business Unit aims to undertake greenfield development of large-scale solar PV projects sizing up to 300 MW by acquiring small-scale solar PV projects with a maximum capacity of 50MW.
The total capacity of the RSD Business Unit’s international portfolio currently stands at 1,963 MW, while on top of the above, this portolio also includes projects in the early stage of development, with capacity of c.3.0GW.
