The project will take place at EEW’s manufacturing site in Sacheon, where the company produces Submerged Arc Welded pipes for the offshore wind projects. The rooftop solar PV facilities will have a total capacity of 1.5 MW of distributed clean energy, which Enel X Korea will offer back to the local electricity grid. The positive environmental impact of installing this amount of solar PV is equivalent to reducing around 1,000 tons of carbon dioxide per year. The deal is structured in a fully funded commercial model, where Enel X Korea will sell the renewable power generated to the grid, and EEW will receive regular payments as a rental fee for leasing its roof space.
This builds on 10 existing solar PV power plants that Enel X successfully launched last year in a joint investment with Korea Midland Power (KOMIPO), a company owned by Korea Electric Power Corporation. It is the second solar project for Enel X Korea and KOMIPO in the Sacheon region, following the 900kW installation for the Korea Aviation Engineering & Maintenance Service in December 2021.
“As a global and large-scale manufacturer in the renewable energy industry, we believe it’s our obligation to contribute to the clean energy transition, starting with our local site in Sacheon,” says Kwan-gyu Tak, CEO of EEW Korea. “This project will see Enel X, a worldwide leader in energy services and distributed energy generation, transform our previously unused roof space into a renewable energy power plant, which will allow us to contribute to carbon neutrality while providing more clean energy in Korea.”
“We are thrilled to support EEW Korea in its net zero initiatives with the installation of onsite solar. This project marks a significant step towards decarbonization, which is one of Enel X’s global and local objectives,” says Hyoung-min Kim, Country Manager of Enel X Korea. “The project will promote the use of renewable energy while generating new revenue for EEW Korea to offset rising electricity costs, or to reinvest in other sustainability initiatives."
Enel X Korea’s solar PV projects are designed to create value for small to medium-sized businesses. Companies can earn a predictable revenue stream each month at no cost to them with Enel X Korea’s fully funded turnkey solution, which de-risks the project.