Thursday, November 21, 2019
KOMIPO Pushing for Overseas Renewable Energy and CDM Projects
Promoting Hydro Power Plant Projects in Indonesia
KOMIPO Pushing for Overseas Renewable Energy and CDM Projects
  • By Michael Herh
  • October 23, 2019, 11:00
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Park Hyung-ku (third from left), CEO of Korea Midland Power poses for a photo after signing a business agreement on entering the European renewable energy market with Sprott Korea, STIC Alternative and Hana Financial Investment at the main office of Hana Financial Investment in July.

Korea Midland Power Co. (KOMIPO) is proactively responding to the global trend of energy conversion by actively pushing forward with overseas renewable energy and Clean Development Mechanism (CDM) projects based on its expertise in power generation.

KOMIPO is promoting overseas renewable energy projects based on its experience in hydropower power plant projects in Indonesia. In April 2016, the company started a commercial operation of Wampu Hydro Power Plant (45 MW) in Indonesia. It completed Tanggamus Hydroelectric Power Plant (55.4 MW) in Indonesia in July last year. KOMIPO is the largest shareholder of the two projects. It played a leading role in carrying out the projects from business development and financing to construction management and operational maintenance. In particular, KOMIPO has secured a stable income source through a 30-year-long power sales contract with Perusahaan Listrik Negara (PLN), an Indonesian government-owned corporation which has a monopoly on electricity distribution in Indonesia and generates the majority of the country's electrical power.

KOMIPO is also keeping pace with the global trend of low-carbon green growth by being granted 220,000 tons of certified emission reduction (CER) as the United Nations recognized its roles in generating greenhouse gas reduction effects.

To this end, KOMIPO is promoting four additional hydro power plant projects in Indonesia where KOMIPO has abundant business experience. All of the four new power plants including Siborpa (114 ㎿) passed preliminary reviews by PLN in March of this year and the bidding results are expected to come out in the first half of next year.

KOMIPO is expanding solar and wind power projects with the focus on Europe and North America. The company successfully completed the Boulder Photovoltaic project (150 MW) in Nevada of the United States with a U.S. new and renewable energy company in January 2017. It is developing the Stavro Wind Farm (254 MW) in the north-western region of Sweden where wind resources are abundant in partnership with Korean and German financial investors.