Parang, Total Eren’s new project in South Korea, will have a capacity of 16.7 MW. The company announces the establishment of the financing and launches the construction of Parang. It is located in Yeong-deok County, South Korea. This project was implemented in collaboration with WEEN and KOMIPO, partners of Total Eren.
Total Eren is already well established in Asia. In fact, it has a gross installed capacity of approximately 1.3 GW. This is divided between wind and solar farms across Cambodia, India, Kazakhstan, the Philippines and Uzbekistan.
The Parang project in South Korea
The expansion of Total Eren’s projects is done through the Parang project. It consists of 3 turbines of 5.56 MW each and should produce 43 GWh per year. This represents enough energy to supply 35,000 people.
The facility for this project will be on the land of a local clan called Yeongnam Namssi Goegeonggong-pa. Therefore, Total Eren wishes to develop a long term relationship with these local actors. In addition, the company says it wants to contribute to the development of the community through the Parang project.
In addition, funding for the Parang project was finalized in July 2022. This amounted to nearly 55 billion KRW, or $44.5 million. It was obtained from a local private equity fund.
In addition, the engineering, procurement and construction contract was signed with the Korean company Kolon Global. The wind turbines will be supplied by Enercon.
Thus, Parang will be able to produce electricity to supply the Korean market. Through this project, the energy security and socio-economic conditions of the country will be strengthened. In addition, it will help create the conditions for a low-carbon environment.
Fabienne Demol, Executive Vice President and Global Development Director of Total Eren, supports the case for Parang. In this sense, she affirms her enthusiasm for this project:
“We are delighted to expand our activities in South Korea with the launch of the construction of the Parang project and the development of a large portfolio of renewable energy projects. The Korean market, which is dedicating an ever-increasing share to renewable energies, the core of our expertise, is particularly promising. Through the Parang project, Total Eren is committed to providing low-carbon and competitive electricity to the Korean population.”
This project is in line with Total Eren’s strategy. In fact, the renewable energy company wants to develop energy projects in attractive countries or regions. This means that the development of renewable energy in these locations is an economically viable response to growing energy demand.