Japan’s Sinanen to join South Korean 90,000-kw onshore wind power project
SEOUL, NNA - Sinanen Holdings Co., a Japanese energy company, will participate in an onshore wind power project in South Korea as it seeks growth outside Japan.
Sinanen Holdings has already acquired a 65.3 percent stake through its subsidiary Shinanen Co. in South Korea’s Bellsion Power Co., the company said in a press release last Friday.
Construction of its first large-scale onshore wind power project is expected to start within this year in Jeollanam-do to have about 90,000-kilowatt output capacity. The total cost of the project is 260 billion won ($212 million).
Commercial operations are scheduled to commence in the second half of 2021 and electricity has already been contracted to be sold to a local power company at a long-term fixed price, a Sinanen spokeswoman told NNA on Monday.
Under the Renewable Portfolio Standard (RPS) policy in South Korea, power producers are obligated to supply a certain proportion of total power generated through renewable energy.
Sinanen Holdings, which offers a wide range of energies including petroleum, gas and electricity and provides a solution business, sees the renewable energy business overseas as one of the key areas for growth and plans to look for further opportunities in South Korea.