Total Eren, partners obtain USD 42m in financing for Korean wind project

Goritsa wind park. Source: Total Eren (

July 28 (Renewables Now) - Paris-based renewable power producer Total Eren said today it has reached the financial close and subsequently initiated construction work on a 16.7-MW onshore wind project on the East Coast of South Korea.

Total Eren has co-developed the Parang Project on land owned by a local clan in the county of Yeong-deok with its local partner WEEN E&S, which holds a 5% interest in the scheme.

Korea Midland Power (KOMIPO), a unit of state-owned utility Korea Electric Power Corp (KRX:015760), or KEPCO, invested in a 25% stake in the project last December and will be receiving the Renewable Energy Certificates (RECs) generated by the wind farm over a period of 20 years. The electricity produced by the plant will be supplied to the local electricity market.

The three partners have secured KRW 55 billion (USD 41.9m/EUR 41.2m) in long-term financing for the project from a local private equity fund in a process advised by IBK Securities.

Korean construction company Kolon Global has been contracted to build the wind park using three 5.56-MW E160 turbines supplied by Germany’s Enercon. Commercial operation is scheduled for the first quarter of 2024.

(KRW 1,000 = USD 0.761/EUR 0.750)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription