Hyundai E&C recently announced that it signed a memorandum of understanding for the 'Power Purchase Agreement (PPA) supply expansion' with the Korea Solar Power Plant Operators Association and Good News Energy at its headquarters located in Gye-dong, Jongno District on the 16th.
The ceremony included Lee Dong-hoon, executive director of the development business division at Hyundai E&C, Kwak Young-joo, president of the Korea Solar Power Plant Operators Association, and Kim Jong-kyu, CEO of Good News Energy. The three parties agreed to actively cooperate in ensuring stable sales of solar power production and in revitalizing the platform-based PPA.
The Korea Solar Power Plant Operators Association was established in 2020 to protect the rights and interests of domestic solar power plant operators. It consists of operators who own small and medium-sized solar power facilities. Good News Energy is a subsidiary of the energy IT company 60Hz, which has a strategic partnership with Hyundai E&C. It launched the country's first platform dedicated to renewable energy transactions and compliance management services for RE100 (Renewable Energy 100).
With this agreement, the Korea Solar Power Plant Operators Association will recruit power producers from among its members, and Good News Energy plans to automate contracts, settlements, and monitoring through the digital platform. Hyundai E&C will support demand matching, operations, and financial procurement. While existing PPAs focus on large power companies, this agreement allows even small operators to participate easily and conveniently in power brokerage transactions, marking a first in the country.
Last month, Hyundai E&C also formed a strategic partnership with Top Solar, one of the leading EPC corporations in Korea for solar design, procurement, and construction. Top Solar, which boasts the largest construction performance of solar power plants in the country, is expanding its business areas into energy storage systems and offshore wind power. The two companies plan to collaborate across the entire renewable energy value chain, including PPA, business development, EPC, operations management (O&M), and investments.
A representative from Hyundai E&C said, 'We are expanding the base of renewable energy providers, from global operators like Glenmont D&D Solar Holdings to small operators through the Korea Solar Power Plant Operators Association agreement.' He added, 'In the future, we will contribute to diversifying the domestic PPA market and discovering business models by expanding competitive alliances, including with Top Solar, beyond simple supply and demand matching.'