President Kim Ho-bin of Korea Midland Power Co. (KOMIPO) (Photos: KOMIPO)

Korea Midland Power Co. (KOMIPO) has struck a deal to finance a $200 million (230 billion won) Elara photovoltaic power project in the United States. The agreement was signed on June 7.

The project calls for the construction of 130MW photovoltaic power plant in Frio County, Texas. It will be dedicated and put into commercial operation in December.

A substation of Elara photovoltaic power plant in the United State, installed by Korea Midland Power Co. (KOMIPO).

The Ministry of Land, Infrastructure and Transport (MOLIT) is leading the project, and Hanwha Asset Management is participates in the project as a financial investor.

Morgan Stanly and MMA Energy Capital are partaking as a tax equity investor and lender, respectively.

The latest financing deal is the first since the Great Texas Blackout, which was caused by cold storms in February.

Project financing related to all power plants in the Texas area had been halted or suspended since the blackout, but KOMIPO successfully sealed the deal to finance the photovoltaic power plant project through five months of tenacious negotiations and rapid responses from financial lenders’ requests.

KOMIPO’s feat was owed to expertise and experiences related to renewal energy projects the power company has implemented in the United States for a decade, starting with the Boulder photovoltaic project in Nevada in 2011.

The Elara photovoltaic power project has made KOMIPO the first power company to enter the power market in Texas, one of the world’s biggest ones.

For KOMIPO, the latest deal is expected to signal a good omen for the possible financing of the following Concho Valley photovoltaic power project.

KOMIPO operates KOMIPO Energy Solution America, an entity designed to spearhead long-term renewable energy projects in the United States in which the Korean power company has set up development, construction and operation as its core capabilities.

KOMIPO President Kim Ho-bin said, “It is meaningful to set another milestone of financing a Texas photovoltaic power project despite the difficult times.”

“KOMIPO devotes itself to contributing to an energy paradigm shift through the expanding of the portion of the renewal energy sources in the power generation in accordance with the Seoul Declaration, adopted during the P4G Summit in May,” he added.

Currently, KOMIPO operates the Electron energy storage system project with a capacity of 62MWh in Calif. the United States, and the Korean power company plans to partake in the B128 MW, Boulder third-stage photovoltaic power project with an ESS capacity of 232MWh in Calif. and Concho Valley photovoltaic power project in Texas, possibly earning the power company stable revenues.

KOMIPO operates and constructs the 90MW photovoltaic power plant in Primera, Spain, and a 254MW Starvro wind power farm in Sweden, and the power company is expected to partake in a 74MW wind power equity project in Gubaburget, Sweden.

KOMIPO has built future growth engines in the renewable energy sector by securing seven overseas renewable energy assets in foreign countries.

The Korean power company plans to expand its overseas photovoltaic power, wind power, and other renewal energy segments in advanced countries such as the United States, Europe and Australia.

KOMIPO President Makes On-Site Inspection to Ensure Stable Power Supply for Summer
KOMIPO executives began making on-site inspections to all operational KOMIPO sites to raise awareness of safety during two weeks from July 14.

The step is designed to ensure the stable supply of power during the summer season, when rising power consumption is expected with more sweltering heat spell than the previous years.