LS ELECTRIC Joins Forces with Korea Midland Power to Jointly Develop Renewable Energy Projects

[Financial News] LS ELECTRIC is joining forces with KOMIPO to expand its domestic renewable energy business.
LS ELECTRIC said on the 10th that it signed an MOU with KOMIPO on the 9th to jointly identify and develop domestic renewable energy projects and strengthen their business competitiveness.
Park Woo-beom, executive vice president and head of LS ELECTRIC’s EA Business Division, and Kim Jae-sik, head of KOMIPO’s Renewable Energy Business Department, attended the signing ceremony.
The two companies agreed to cooperate throughout the entire process of domestic renewable energy projects, including onshore wind power, solar power, and battery energy storage systems (BESS), from project identification and investment to construction and operation.
Specifically, they plan to establish a cooperation model covering the joint identification and development of new projects, investment and financing arrangements, engineering, procurement and construction (EPC), the stable supply of key power equipment such as transformers, and power plant operations.
For jointly developed projects, the companies will actively consider LS ELECTRIC’s participation in EPC work and the priority application of its equipment. They will also pursue plans to give LS ELECTRIC priority in supplying key equipment for projects independently promoted by KOMIPO.
The two companies plan to first generate results in onshore wind power before expanding their cooperation to solar power and BESS. Their goal is to improve the execution of renewable energy projects by combining a state-run power company’s experience in project development and operations with a private company’s EPC and power equipment capabilities.
They also plan to proactively identify new projects by leveraging each company’s project pipeline and specialized capabilities.
Executive Vice President Park said, "By combining KOMIPO’s capabilities in power project development, investment and operations with LS ELECTRIC’s EPC execution capabilities and power equipment technology, we will enhance competitiveness across the entire renewable energy value chain. We will lead technological self-reliance and the nation’s energy transition by supplying renewable energy and key power infrastructure equipment based on domestic technology."


[email protected] Park Ji-yeon Reporter