Successful Completion
Korea Midland Power Co., a first for a power group, held an inauguration ceremony for its third European project, the Gubbaberget Windfarm Project in Sweden, on July 4 (local time).
Approximately 70 people attended the inauguration ceremony, including Korean joint shareholders, European business partners, and equipment suppliers.
Under the vision of “Opening the future through eco-friendly energy,” Korea Midland Power has actively pioneered the overseas renewable energy market, successfully completing the construction of two wind projects and starting operational management of them.
The Gubbaberget Windfarm, located in Gävleborg County in central Sweden, is a wind farm complex with a capacity of 74.4 MW, created with an investment of approximately 135 billion won (US$104 million). It serves as an exemplary case of Team Korea’s successful overseas business expansion.
With Korea Midland Power Co. at the helm, Korean investors were recruited, domestic professional investors (Sprott Korea, Shinhan Asset) hold equity, and for the first time, a domestic bank participated as a main sponsor. A unique aspect of this project was the use of about 13 billion won worth of domestic equipment.