A major renewable energy project in South Korea, backed by Chinese public funds as a financial investor, is set to commence. Yurim TS, the lead company for the project, aims to evolve into a comprehensive energy infrastructure firm integrating renewable energy, cooling technology, and AI data centers.
On July 20, at the Conrad Hotel in Yeouido, Seoul, Yurim TS and Shandong High-Speed held a signing ceremony for a memorandum of understanding (MOU) on joint development of renewable energy projects.
The ceremony was attended by representatives from investment banks as well as political and business leaders. The two companies agreed to establish special purpose companies (SPCs) to build 1 gigawatt (GW) solar and wind power plants in Taean, Yeongdeok, Uljin, Jeongseon, and Gyeongju.
Currently, sites in Taean Wonbuk, Yeongdeok Hoeiri, and Uljin Hwaseong have been confirmed for the development of solar and wind power plants covering 1,787,000 square meters and generating 184.4 megawatts (MW). Discussions will continue for additional plants in Uljin Hwaseong 1 and 2, Jeongseon Geoncheon, and Gyeongju Angang, covering 3,920,000 square meters and producing 480 MW.
Shandong High-Speed, a state-owned investment company from China, is expected to invest up to 1 trillion won in this project. This marks the first time that Chinese public funds are participating as financial investors in South Korea's renewable energy sector. Major partners include Korea Electric Power Corporation, Hyosung, LS, Hyundai Heavy Industries, and Korea Western Power.
Kim Jin-soo, CEO of Yurim TS, stated, "The MOU we are signing today is the first step towards achieving our joint goal of 1 GW in renewable energy with Shandong High-Speed Singapore. Moving forward, Yurim TS will leverage the successful completion of solar and wind projects to grow into a comprehensive EPC contractor overseeing all aspects of renewable energy development, construction, and operation."
Yurim TS and Shandong High-Speed plan to expand their portfolio to include a total AI platform service starting with this renewable energy project. In particular, Yurim TS is working to integrate its data centers currently under construction in Gasan, Bucheon, Mullae, Ilsan, Guro, and Anyang with renewable energy to establish a unified infrastructure from energy supply to AIDC operation.
Furthermore, CEO Kim explained that they aim to broaden their business portfolio beyond renewable energy and AIDC by establishing a holding company, GCH Asset, which will also focus on hydrogen platforms, internet exchanges, and high-voltage direct current (HVDC) cooling.
Pan Yongmin, Chairman of Shandong High-Speed, remarked, "Globally, AIDCs require energy, and clean energy is particularly in demand. Projects combining AIDC and renewable energy development are underway in China and Singapore, and we are eager to explore similar investments in South Korea."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.