Athens-listed group Mytilineos announced on Monday the completion of the construction of a 1.55-megawatt solar photovoltaic project in Yangpyeong-gun in South Korea, by its Renewables and Storage Development (RSD) Business Unit.
This is the first Mytilineos project in South Korea and in the broad East Asia region, signaling a new era for the RSD Business Unit, one of a few European companies to successfully enter the Asian market.
Once completed, the Yangpyeong-gun project is expected to generate about 2,000 units of renewable energy certificates (RECs) each year. The RECs generated will be sold to Korea District Heating Corporation under a 20-year offtake agreement.
Mytilineos’ RSD Business Unit is further establishing its position in the country by developing a 36 MW photovoltaic project in Gonam-Myeon, Taean-gun county.
The project has already received a power generation license and has applied for a development permit.
In the next two years, the RSD Business Unit aims to undertake greenfield development of large-scale photovoltaic projects of up to 300 MW by acquiring small-scale solar projects with a maximum capacity of 50 MW.