Strategic Partner
Kumho Petrochemical is pushing into the wind power market. The company announced on June 8 that it established a strategic partnership with domestic wind power company Unison at its headquarters in Seoul to co-develop wind power generation business.
An official from Kumho Petrochemical said, “With the partnership, we are planning to gradually expand our wind power business sector from the domestic market to overseas projects, such as Vietnam and Chile. We haven’t discussed about specific areas to cooperate yet.”
With the alliance, Kumho Petrochemical can expand its energy business portfolio through the wind power market advancement, while Unison can now secure a leading conglomerate partner, which is needed to expand its wind power business at home and abroad.
Previously, Kumho Petrochemical has entered the solar power generation business through the partial equity ownership of Korea Energy Power Plant in 2013. Since then, it has expanded its energy business to the new renewable fuel sector, including biomass fuel. Unison is a leading domestic wind power company that has the know-how of the overall wind power generation industry from wind conditions to wind farm design, financing, system development, and operation. It also developed the Gangwon Wind Park and the Youngduk Wind Park.