A major renewable energy project in South Korea, backed by Chinese public funds as a financial investor, is set to commence. Yurim TS, the lead company for the project, aims to evolve into a comprehensive energy infrastructure firm integrating renewable energy, cooling technology, and AI data centers.
On July 20, at the Conrad Hotel in Yeouido, Seoul, Yurim TS and Shandong High-Speed held a signing ceremony for a memorandum of understanding (MOU) on joint development of renewable energy projects.
The ceremony was attended by investment banking representatives as well as figures from politics and business. The two companies agreed to establish special purpose companies (SPCs) to build 1 gigawatt (GW) solar and wind power plants in Taean, Yeongdeok, Uljin, Jeongseon, and Gyeongju.
Currently, sites in Wonbuk, Taean; Hoeri, Yeongdeok; and Hwaseong, Uljin have been confirmed for the development of solar and wind power plants covering 1,787,000 square meters and generating 184.4 megawatts (MW). Discussions will continue for the construction of additional plants in Hwaseong areas 1 and 2, Geoncheon in Jeongseon, and An-gang in Gyeongju, covering 3,920,000 square meters and generating 480 MW.
Shandong High-Speed, a state-owned investment company in China, is expected to invest up to 1 trillion won in this project. This marks the first time that Chinese public funds are participating as financial investors in South Korea's renewable energy sector. Major partners include Korea Electric Power Corporation, Hyosung, LS, Hyundai Heavy Industries, and Korea Western Power.
Kim Jin-soo, CEO of Yurim TS, stated, "The MOU we are signing today is the first step towards achieving our joint goal of 1 GW in renewable energy with Shandong High-Speed Singapore. Moving forward, Yurim TS will leverage the successful completion of solar and wind projects to grow into an integrated EPC contractor overseeing all processes from development to construction and operation of renewable energy projects."
Yurim TS and Shandong High-Speed plan to expand their portfolio to include a total AI platform service starting with this renewable energy project. In particular, Yurim TS is working to integrate its ongoing data center constructions in Gasan, Bucheon, Mullae, Ilsan, Guro, and Anyang with renewable energy to establish a comprehensive infrastructure from energy supply to AIDC operation.
Furthermore, CEO Kim explained that they aim to broaden their business portfolio through the establishment of a holding company, "GCH Asset," which will encompass hydrogen platforms, internet exchanges, and high-voltage direct current (HVDC) cooling, in addition to renewable energy and AIDC.
Pan Yong-min, Chairman of Shandong High-Speed, remarked, "Globally, AIDCs require energy, and clean energy is particularly in demand. Projects combining AIDCs and renewable energy are underway in China and Singapore, and we are eager to explore similar investments in South Korea."
* This article has been translated by AI.
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