Korea Midland Power announced on Feb. 2 that it has signed a memorandum of understanding (MOU) with Hanwha Energy to jointly develop a portfolio of solar power businesses in Spain.
Korea Midland Power has entered the U.S. renewable energy market. It operates a solar power plant in Boulder, Nevada. / Courtesy of Korea Midland Power
Last year, Korea Midland Power, which entered the Spanish market through the Primera solar business, plans to target the Spanish solar power market by setting up 'Team Korea'.
In particular, Korea Midland Power aims to enter the private electricity market by supplying eco-friendly energy to European households with Hanwha Energy.
This business portfolio is carried put in Castilla-La Mancha, Spain, with about 150MW of solar power. Korea Midland Power and Hanwha Energy are planning to develop a solar energy business in Spain by forming a 'Team Korea' with the goal of starting construction at the end of this year.
Hanwha Energy is in charge of development from licensing, while Midland Power is in charge of construction management and facility operation, including financing.
Midland Power and Hanwha Energy are planning to launch power retail brands as well as developing large-scale solar power businesses in Spain. Through this, they are planning to actively pursue renewable energy businesses in European markets by supplying 100% eco-friendly electricity to ordinary companies and homes.
Park Hyung-koo, president of Korea Midland Power, said, "The overseas renewable business of central power generation is being promoted mainly in the U.S. and Europe," adding, "Spain is a country that becomes a base for European solar energy business."
Chung In-seop, CEO of Hanwha Energy, also said, "This partnership is significant in that Korean energy companies are pioneering the European renewable energy market together based on their business capabilities."
