Total Eren announces the beginning of the construction and the setting up of the financing of the Parang project. It is a wind farm of 16.7 MW. The park is located on the east coast of South Korea, in Yeong-deok County. Thus, the energy produced will supply the Korean electricity market.
The Parang project, a new wind farm in South Korea
Total Eren will collaborate with WEEN and KOMIPO. The first company, a Korean developer, has a 5% stake in the project. The second, a subsidiary of KEPCO, owns 25%. In addition, renewable energy certificates will be provided to the latter, through a 20-year REC agreement. This will help to hedge the market risk.
Financing for the Total Eren project was finalized in July 2022. The latter represents an amount of approximately $44.5 million. The participants are local financial institutions. Among other things, the project will contribute to a low-carbon environment, energy security and socio-economic development in South Korea.
The wind turbines will be supplied by Enercon. The Total Eren project consists of 3 turbines of 5.56 MW each and is expected to produce about 43 GWh per year. It will supply approximately 35,000 people in South Korea. It is expected to be commissioned in early 2024.
Total Eren strengthens its position in Asia
As a reminder, Total Eren has a total gross installed capacity of over 1.3 GW in Asia. This capacity is spread across solar and wind farms in Cambodia, India, Kazakhstan, the Philippines and Uzbekistan.
Total Eren also has a regional office in Singapore. In addition, the company opened an office in South Korea in April 2022 and created Total Eren Korea.
Fabienne Demol, Executive Vice President and Global Development Director of Total Eren, said:
“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.”
