Kumho Petrochemical powers up 5.3-MW solar system - report

Jun 28, 2013 - South Korean company Kumho Petrochemical Co (KRX:011780) has installed a 5.3-MW solar facility starting operation today, under a plan to enter the solar generation segment, The Korea Herald reported.

The company, part of conglomerate Kumho Asiana Group, has taken a majority stake in special purpose company Korea Energy Power Plant through which it will pursue opportunities on the solar market. It also eyes the solar thermal and biomass fuel sectors, according to an official quoted by the paper.

According to the report, the 5.3-MW solar project included installations on the roofs of the Korea Aerospace Industries (KRX:047810) facilities in Sacheon, South Gyeongsang for a total cost of some KRW 14.5 billion (USD 13m/EUR 10m). The solar output is calculated at 6,602 MWh annually or as much as is needed to power about 1,500 homes.

Kumho intends to sell the renewable energy certificates that green power installations receive to power producers which need to meet certain renewable quotas. The Korea Herald cited a company official as saying that annual revenues from the solar system were expected to reach KRW 2.4 billion.

(KRW 1,000 = USD 0.876/EUR 0.671)

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