LS Electric and Korea Midland Power have established a collaborative framework to jointly explore and develop renewable energy projects, covering all stages from investment and construction to operation. The partnership aims to enhance the speed and viability of new renewable energy projects by leveraging Korea Midland Power's experience in power generation and LS Electric's expertise in electrical equipment, design, procurement, and construction (EPC).
On September 9, LS Electric announced that it had signed a strategic memorandum of understanding (MOU) with Korea Midland Power to strengthen competitiveness in domestic renewable energy projects.
The two companies will initially focus on identifying joint projects in onshore wind power, with plans to expand their collaboration to include solar energy and battery energy storage systems (BESS). They will work together across all phases of project development, investment, financing, EPC execution, and power plant operation.
In the jointly developed projects, LS Electric will actively consider its participation in EPC and the application of key electrical equipment such as transformers. Additionally, LS Electric will be prioritized for equipment supply in projects that Korea Midland Power undertakes independently.
Korea Midland Power has set a goal to increase its renewable energy capacity to 2,915 MW by 2030. In February of this year, it secured a long-duration BESS project in Haenam, Jeollanam-do, with a capacity of 96 MW and 576 MWh. LS Electric has also gained experience in the EPC and power conversion device sectors, recording 61.2 billion won in orders for its ESS projects in Japan last year, laying the groundwork for collaboration that extends from wind power to storage systems.
This partnership is characterized by the involvement of both companies from the early stages of project development, rather than merely supplying equipment. The development of renewable energy power plants requires collaboration between project developers and power infrastructure companies, especially in securing permits, financing, and ensuring stable operations.
Park Woo-beom, Executive Vice President of LS Electric's EA Business Division, stated, "By combining Korea Midland Power's capabilities in project development, investment, and operation with LS Electric's EPC execution capabilities and electrical equipment technology, we will enhance the competitiveness of the entire value chain in renewable energy projects. We aim to lead the supply of key electrical equipment for renewable energy and power infrastructure with domestic technology, contributing to technological independence and the transition of the national energy paradigm."
* This article has been translated by AI.
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