Korea’s leading independent aggregator of virtual power plants and demand management services, Enel X launched ten renewable power generation facilities at the end of last year.
The ten solar power plants are installed on the roofs of factories in industrial complexes across Korea. They will supply clean energy to the grid in the regions of Changnyeong, South Gyeongsang Province, Gyeongsang, North Gyeongsang Province, Nonsan, South Chungcheong Province, and others.
Solar power plants operate at total capacity and can supply up to 6.2 MW of net power to the grid. This mutually beneficial power generation model, implemented as a joint investment project between Enel X and Korea Midland Power (KOMIPO), allows the electricity produced to be sold to the local power grid.
The participating facilities receive payments in the form of rent for renting the roof to Enel X site in Cheonan, where the solar plant is located.
“We are very pleased to be part of Enel X’s solar power generation initiative. By additionally using the rooftop space of our production site, we act for the benefit of the community and supply clean energy to the local power grid. Such a win-win the model allows us to capture a portion of the revenue from solar energy, which directly affects our profits.” the company said.
“We are proud to launch 10 new solar power generation facilities that will contribute to a more sustainable energy supply in Korea. Renewable energy and creating a new source of income can lower energy bills or reinvest in new sustainability initiatives. This model reduces business risks through financing and the provision of a turnkey solution by Enel X. We will continue to contribute to the country’s decarbonization efforts by offering distributed energy solutions and providing flexible business services.” Hyun Min Kim, CEO of Enel X Korea, said.
Enel X and KOMIPO’s 58,000 m2 production sites have the potential to generate 8 GW of electricity per year and are estimated to avoid approximately 376 tons of carbon emissions per year, equivalent to planting 57,000 trees per year.
The electricity generated at each site is traded on the Korea Power Exchange (KPX) in real-time, and renewable energy certificates (REC certificates) will be traded under a long-term contract with KOMIPO for 20 years.
Enel X Korea has been a market leader in demand management services in Korea since its inception in 2014. As a leading independent demand management service provider, Enel X Korea supports more than 500 commercial and industrial customers in their quest to use energy more efficiently, including for competitive advantage.