Total Eren Enters South Korean Renewable Energy Market

Source: www.gulfoilandgas.com 7/27/2022, Location: Asia

Total Eren, a leading renewable energy Independent Power Producer (“IPP”) based in Paris, is pleased to announce the launch of construction and successful Financial Close of the “Parang Project”, a 16.7 MW wind farm, together with its partners WEEN E&S (“WEEN”) and Korea Midland Power (“KOMIPO”). The Parang Project will be located in the county of Yeong-deok, on the East Coast of South Korea.

The Parang Project has been co-developed by Total Eren and its partner WEEN, a Korean developer owning a 5% stake in the Project. KOPIMO, a fully owned subsidiary of the state-owned utility Korea Electric Power Corporation (“KEPCO”), joined Total Eren and WEEN by acquiring a 25% stake in December 2021. The electricity to be generated by the Parang Project will supply the Korean electricity market, while Renewable Energy Certificates (RECs) will be delivered to KOMIPO through a 20-year REC Agreement, hence hedging the market risk.

The Project successfully reached Financial Close in July 2022. Total Eren, WEEN and KOMIPO secured KRW 55 billion (~ USD 44.5 million) of long-term financing from a local private equity fund specialised in lending and investing in onshore wind projects in Korea, and whose investors are local financial institutions. The financing process was advised by IBK Securities, a local financial advisor.

The Engineering, Procurement and Construction (EPC) contract wassigned with Kolon Global, a Korean construction company whilst the Wind Turbine Generators (WTGs) will be provided by Enercon (E160 model). The Parang Project, consists of 3 turbines of 5.56 MW each and is expected to produce about 43 GWh per year, providing enough electricity to supply about 35,000 people in South Korea.

Commercial operation is expected to start in Q1 2024.

The Project is located on land owned by a local clan, named “Yeongnam Nam-ssi Goejeonggong-pa” who have lived in the area since the 1600s, forming a village and inheriting a traditional Confucian way of life. The clan village, called Hoji-Maeul, is located 2 km from the Project site, and has been designated as a National Folklore Cultural Heritage. With the support of the clan, Total Eren, WEEN and KOMIPO will contribute to local community development and establish a long-term relationship with local stakeholders.

The Parang Project will also contribute to building a low-carbon environment, enhancing energy security and promoting socio-economic development in South Korea.

In Asia, Total Eren owns a total gross installed capacity of more than 1.3 GW of solar and wind farms across Australia, Cambodia, India, Kazakhstan, the Philippines, and Uzbekistan. Total Eren relies on its regional office in Singapore, and has teams based in Australia, Cambodia, India, Indonesia, Kazakhstan, the Philippines, South Korea, Uzbekistan and Vietnam.

In April 2022, Total Eren opened an office in South Korea and established Total Eren Korea, to lead its development activities in South Korea which holds large renewable energy potential.

Fabienne Demol, Executive Vice-President and Head of Business Development of Total Eren, commented: “We are very pleased to develop our activities in South Korea through the start of construction of the ”Parang Project” and the development of a broader portfolio of renewable energy projects. The Korean market is particularly promising, with an ever-increasing share dedicated to renewable energy, the core of our expertise. Through the Parang Project, Total Eren is committed to providing electricity which is low-carbon and competitive to the Korean people.”


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