It is reported that a number of subsidiaries of Korea Modern Engineering and Industrial Construction Group will jointly build a 65MW solar photovoltaic power station in Seosan, South Korea, and deploy a 130MWh battery energy storage system.
According to reports by news agencies such as South Korea’s Yonhap News Agency and the Central Daily News earlier this month, Hyundai Heavy Industries’ two subsidiaries, Hyundai Heavy Industries Green Energy and Hyundai Power and Energy Systems, have received a total of 100 billion won (US$94 million) in storage. The project will be funded by construction. The project will be constructed in Seongnam-gu, Seongcheongnam-do, in the northwestern part of Korea.
Hyundai Heavy Industries Green Energy will provide photovoltaic power generation equipment such as photovoltaic modules and inverters, while Hyundai Electric and Energy Systems will provide battery energy storage systems. According to South Korea’s “Central Daily” report, this solar power generation and energy storage project will Save energy and use it later, but did not provide details on energy storage applications.
Shipyard owned and operated by Hyundai Heavy Industries
According to reports from the end of last year, Hyundai Motor Group also plans to construct a 150 MWh battery energy storage system for Korean Zinc Corporation in Ulsan on the east coast of Korea.
The revenue of renewable energy only accounts for about 1.7% of Hyundai’s total consolidated revenue last year, but “Central Daily” stated that the group is making renewable energy a part of its main business.
In other regional markets in South Korea, Doosan Corporation, a Korean construction machinery manufacturer, built a large-scale energy storage project at its headquarters in Changwon. Kokam also built a large-scale commercial and industrial (C&I) solar power and battery storage system. The world’s largest lithium battery and energy storage companies Samsung SDI and LG Chemical are Korean companies. In 2016, the Korean government announced an incentive plan to promote the development of solar photovoltaic power generation facilities and energy storage systems.