LG Chem set to sign massive wind power purchase deal

By Aju Press Posted : May 31, 2024, 11:16 Updated : May 31, 2024, 11:21
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This undated photo shows an LG Chem factory complex in the southern city of Yeosu. Courtesy of LG Chem

SEOUL, May 31 (AJU PRESS) - LG Chem is set to sign one of the largest-ever wind power purchase deals in Korea as the leading chemical company steps up efforts to strengthen its renewable energy supply chain.

The company said Friday it will enter into a contract with ST International, a local energy company, and Shinhan Asset Management to purchase up to 615 gigawatt-hours of energy annually from repowered wind farms in the eastern counties of Yeongdeok and Yeongyang for 20 years starting in 2026. The amount is enough to power 146,000 households for one year.

This deal marks the largest amount of wind power ever contracted by a private company in Korea.

LG Chem plans to use the newly secured electricity in the production of battery materials and other environmentally friendly materials.

In addition to building a business portfolio based on sustainability, the company will transition its energy use to renewable sources to provide differentiated value to global customers, said Lee Jong-gu, LG Chem's chief sustainability strategy officer.

The company has pledged to achieve a full transition to renewable energy by 2050.
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