CTR Co., Ltd. (hereinafter CTR), Hanwha Solutions Co., Ltd. (hereinafter Hanwha Solutions), and CTR Energy Co., Ltd. (hereinafter CTR Energy) signed a three-party memorandum of understanding (MOU) on 10 December at the CTR Building in Changwon for joint development of a solar power generation project and direct power trading. The signing ceremony was attended by executives and employees of the three companies and related parties, including Kang Tae-ryong, Chairman of CTR Group, and was jointly signed by CTR CEO Lee Dong-ok, Hanwha Solutions Head of Korea Business Unit Yoo Jae-yeol, and CTR Energy CEO Mo Yu-cheong.

This MOU was jointly pursued by CTR, an automotive parts manufacturer, Hanwha Solutions, an energy solutions company, and CTR Energy, a renewable energy specialist. By linking their respective expertise and infrastructure, they agreed to cooperate to respond to tightening carbon regulations and global clients’ ESG requirements, and to systematically secure a renewable energy base for CTR’s RE100 achievement. Focusing on land owned by CTR, the three companies will jointly develop a self-consumption type direct power purchase agreement (PPA) solar project, and will expand the scope of cooperation to encompass power generation businesses and new projects held by each company in the future.

Under the agreement, CTR, as a power-consuming company, will begin in earnest to advance its strategy to expand the use of renewable energy, while Hanwha Solutions, as a power retail business operator, will be responsible for power supply by linking with renewable energy power plants. CTR Energy will oversee development, construction, and operation of the power plants, taking charge of actual renewable energy production, by procuring key equipment from Hanwha Solutions.

Hanwha Solutions’ Qcells division is a global total energy solutions company that carries out not only cell and module production but also power plant EPC, power retail, ESS, and energy management. CTR Energy was designated an official distributor of Hanwha Solutions in August this year, securing competitiveness in module and inverter supply, and this agreement is expected to further solidify the long-term partnership between CTR Group and Hanwha Solutions.

Based on automotive parts manufacturing, CTR has built a global supply chain and has been proactively advancing its renewable energy transition by establishing and operating in-house power plants at domestic and overseas production bases through CTR Energy, the group’s renewable energy specialist. With this agreement, a “renewable energy value chain” has been established in which power consumer (CTR), power supplier (Hanwha Solutions), and power generator (CTR Energy) are connected within a single structure.

In particular, this model, in which an automotive parts company vertically integrates within the group the functions of power generator and power consumer while cooperating with external partners, is a differentiated case that doubles CTR’s competitiveness in renewable energy transition. It is expected to strengthen the foundation for sustainable management at CTR, which is preparing for an initial public offering (IPO).

Kang Tae-ryong, Chairman of CTR Group, stated, “This cooperation is a strategic starting point that links the group’s manufacturing competitiveness with its energy capabilities,” and added, “It will serve as an important turning point to proactively respond to the RE100 requirements of global automaker clients and to secure a foundation for sustainable growth.”

Yoo Jae-yeol, Head of Hanwha Solutions’ Korea Business Unit, said, “This agreement presents a meaningful RE100 implementation model for the domestic manufacturing industry,” and continued, “Based on Hanwha Solutions’ total energy solutions capabilities, we will actively contribute to CTR’s successful renewable energy transition and to the expansion of the direct PPA market among domestic companies.”

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