Wednesday, December 11, 2019
Korea East-West Power and Daelim Energy to Jointly Invest in Distributed Solar Power Project in Chile
Tapping into Power Generation Market in South America
Korea East-West Power and Daelim Energy to Jointly Invest in Distributed Solar Power Project in Chile
  • By Jung Min-hee
  • April 19, 2019, 11:28
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Park Il-joon (left), president of Korea East-West Power, and Kim Sang-woo, president of Daelim Energy pose for a photo shoot after signing a shareholder agreement.

Korea East-West Power and Daelim Energy have signed a shareholder agreement to jointly invest in a Chilean distributed solar power project.

Based on the agreement signed on April 18, Korea East-West Power and Daelim Energy plan to jointly invest in distributed solar power plants in northern and central Chile and operate them for 25 years.

The Chilean dispersed photovoltaic project is expected to have the effect of reducing 1.4 million tons of greenhouse gas emissions for 10 years from thermal power plants in Chile.

The two companies signed a heads of agreement (HOA) in November last year to promote the Chilean solar power project and will strengthen cooperation in other overseas power generation projects in the future. "This project has a dual meaning. Through this project, Korea East-West Power will tap into the investment-type power generation market of South America for the first time. At the same time, it will be our first overseas renewable energy development project to respond to global climate change,” a Korea East-West Power official said. "We will use panels from Korean companies and go ahead with project financing using Korean financial institutions. By doing so, we will contribute to improving the quality of life of local residents and create jobs for them."