This is the first Mytilineos’ project in South Korea and in the broad East Asia Region, signalling a new era for the RSD Business Unit, being one of a few European companies to successfully enter the Asian market.
The Yangpyung-gun project has secured a tariff of KRW 119000/MWh (approximately US$ 100/MWh) through the competitive bidding that took place in February 2021. Once completed, it is expected to generate approximately 2000 units of renewable energy certificates (RECs) each year. The RECs generated shall be sold to Korea District Heating Corporation under a 20-year offtake agreement (PPA).
The RSD Business Unit of Mytilineos is further establishing its position in the country by also developing a 36 MW PV project in Gonam-Myeon, Taean County. The project has already received a power generation license and has applied for a development permit. In the next two years, the RSD Business Unit aims to undertake greenfield development of large scale solar PV projects sizing up to 300 MW by acquiring small scale solar PV projects with a maximum capacity of 50 MW.
Nikos Papapetrou, General Manager of the RSD Business Unit stated: “South Korea is a strategic market in Mytilineos’ expansion in the Asia Pacific and a great opportunity for the RSD Business Unit to verify its global presence. We are happy to be one of the few international companies to enter this competitive market and to aid South Korean’s green goals.”
Mytilineous is reaffirming its long-term corporate strategy of NetZeroAction by expanding its footprints in the Asian Pacific renewables market, after being successfully established in Europe, Latin America, and Australia.