Korea Midland Power Co. (KOMIPO), Sprott Korea, and STIC Alternative Asset Management held a joint investment agreement for the Swedish wind power business under the supervision of Hana Financial Investment at Hana Financial Investment's headquarters in Yeouido on July 2, marking the first successful entry of a Korean company into the European wind power market.
With its participation in the 254.2MW Sweden's Land Wind Power Building and Operation Project, KOMIPO entered the European wind market, which is a renewable energy powerhouse.
For the project, KOMIPO will play a role for EPC (engineering, procurement and construction) management and O&M (operating and maintenance) management, providing an opportunity to exercise its technical capabilities and accumulate its experience. a company spokesman said.
Construction of the wind farm to be built in central Sweden will begin in July this year and start commercial operation in October 2021 and run for 25 years.
The total cost of the project will be about 360 billion won, while KOMIPO will invest about 20 billion won. To ensure smooth management of this project, a special purpose corporation, KOMIPO Europe (tentative name), will be established.
"We believe that it is significant to be the first Korean company to jointly enter the European wind market, and we hope that the agreement will further solidify the strategic relationship among KOMIPO, Hana Financial Investment, Sprott Korea, and STIC Alternative Asset Management to contribute greatly to the development of the European renewable energy market in earnest and to the establishment of Korea's renewable energy ecosystem," said KOMIPO President Park Hyung-koo.
KOMIPO is successfully developing and operating renewable energy businesses such as solar and hydropower in the U.S. and Indonesia. With this Swedish wind power project, it was able to enter the European wind power market for the first time and expand into the European renewable market in the future, the spokesman said.