SEOUL, KOREA - Kossen Co. Ltd. said on September 30 that it signed an agreement with Goheung County in South Jeolla Province to build a 40-megawatt solar power plant and a 40-megawatt wind power generation facility within the jurisdiction. The solar power system, which is expected to see completion by early next year, will be able to supply electricity sufficient for 13,000 households.

 

Lee Je-won, president of Kossen, said, "With the latest project, Kossen will become a leader in renewable energy generation, with significant contribution to the county's economy."

 

The county government will provide the land site, support in certifications and permits, and renewable energy credit purchase. Kossen will pay land lease fees every year and hand over the ownership of the solar power facility to the county government after 20 years of operation. In addition, the company will establish a special-purpose corporation to run the wind power plant within the year's end.

 

Earlier on the previous day, Kossen and the Goheung County government signed an agreement to build the solar power plant with  Korea Hydro & Nuclear Power Co., with the project financing fund worth 300 billion won to be provided by Daewoo Securities.