Korea Zinc announced on the 21st that it has signed a contract to invest 33.3% equity in Hanwha Shinhan Terra Watt Hour to secure a strategic partnership in the domestic renewable energy business.
Hanwha Shinhan Terra Watt Hour analyzes the power supply and demand of the business sites it owns to establish self-consumption generation facilities and present optimal implementation plans, including direct power purchase agreements. It is a joint venture established by energy corporations (Hanwha Energy) and financial corporations (Shinhan Financial Group) for renewable energy power transactions, and is an affiliate of the Hanwha Group.
Korea Zinc is planning to conduct renewable energy electricity supply business (Power Purchase Agreement) directly selling renewable energy to electricity users, as well as participating in the power market through integrated power plants (K-VPP) that consolidate distributed energy resources, in cooperation with Hanwha Energy and Shinhan Financial Group.
Korea Zinc's equity investment is significant for finding new business opportunities in renewable energy power intermediaries. Chairman Choi Yoon-beom is promoting the "Troika Drive" centered on renewable energy as a future growth area. Currently, it is engaged in the renewable energy business through its subsidiary, Arc Energy, in Australia.
A representative from Korea Zinc said, "We decided on the equity investment to respond to energy transition and expand our business in the renewable energy field in line with the shift towards a carbon-neutral era," and added, "We will continue to actively collaborate in renewable energy resource development and power transaction fields to contribute to the utilization of clean energy and the realization of carbon neutrality."