KHNP President Chung Jae-hoon poses with representatives of four Czech nuclear power companies – NUVIA, I&C Energo, TES, MICO – after they signed an MOU on cooperation in the nuclear power field in Hotel Atom in Czech Republic on Sept. 3. (Photos: KHNP)

Korea Hydro & Nuclear Power Co. (KHNP) is accelerating efforts to explore overseas new/renewal energy businesses.
KHNP is implementing and plans to implement a U.S. wind power business project and Chilean photovoltaic power project.

The two projects are the first such ones to be done by KHNP in the overseas wind power and photovoltaic power markets.

Currently, there are only two overseas projects involving KHNP; the construction of the Barakah Nuclear Power Plant in the United Arab Emirates and a hydroelectric power generation project in Nepal.

KHNP established a corporate entity in the United States in August to expand new/renewable energy businesses in the Americas.

KHNP said on Sept. 15 the power company gave the go-ahead to projects to build and operate a 6.59MW photovoltaic power farm in Guadalupe and a 6.3MW-photovoltaic power farm in Maria Pinto, Chile. This is the first time KHNP will be involved in overseas photovoltaic power projects.

KHNP’s board of directors recently approved a project to enter the Chilean photovoltaic power market, and the power company is verifying the feasibility of the project with a Korean company with a corporate entity in Chile, a KHNP official said.

KHNP will be responsible for overseeing all matters ranging from process management to business and operation management during the construction period of the photovoltaic power farms.

Korea Overseas Infrastructure & Urban Development (KIND) will join in the project as a joint investor. The Chilean photovoltaic power project will be operational for 26 years, until December 2046.

Before that, KHNP entered the U.S. wind power market. A consortium, led by KHNP, acquired a 49.9 percent stake over four overland wind power farms from Brookfield Renewable and others.

This is the first wind power project KHNPI has been engaged in in the Americas. The wind power farms are a 226MW facility and a 218MW facility, all located in Illinois as well as a 201MW facility located in Nebraska and a 207MW facility in Texas.

A view of a 201MW Prairie Breeze Wind Power Farm in Nevada, the United States.

KHNP is expected to earn revenues from the operation of the wind power farms from the next 25 years as long-term power purchase agreements have already been signed with local power operators. KHNP is participating as one of strategic investors.

KHNP has formed a Korean consortium with Alpha Asset Management, Sprott Korea, Hana Investment Banking & Securities and Korea Investment & Securities.

KHNP established a locally incorporated entity in the United States in August to lay groundwork for the implementation of the renewal power project and winning additional projects in the Americas.

Paperwork on the establishment of a locally incorporated entity had been completed last month, a KHNP official said. Following procedures like the opening of an incorporated entity office will be proceeded, the official said.

KHNP President Chung Jae-hoon said KHNP will shore up foundation to make it catapulted to an integrated energy company by adding new businesses such as the “Digital New Deal” on top of implementing nuclear power and renewal energy projects at once.

The power company plans to mobilize its capabilities to help Korean companies enter overseas markets together, he said.