Hyundai Engineering & Construction announced on the 20th that on the 19th it signed a cooperation agreement with solar power generation company Topsla for the supply of renewable energy totaling 1.5GW.

Attending the signing ceremony were Hyundai Engineering & Construction’s Head of Infrastructure Investment & Development Division Baek Sang-hyun, Topsla Group Chairman Oh Hyeong-seok, and other key officials from both companies. The two companies agreed to sequentially sign power supply contracts by the end of 2028 for solar power generation projects that Topsla is promoting or in which it participates as EPC contractor.

Under this agreement, the total solar power generation capacity that Topsla will supply to Hyundai Engineering & Construction is 1.5GW. This is equivalent to the generation capacity of a large nuclear power plant and represents one of the largest direct power transactions between single companies in Korea. The contract period will be at least 20 years for each generation project.

Since entering into a strategic partnership in June last year, the two companies have been cooperating across the renewable energy business, including power trading. The latest agreement was also pursued on the basis of this cooperative relationship.

Hyundai Engineering & Construction stated that the 1.5GW power supply cooperation was decided in consideration of the power producer’s development and construction capabilities, as well as the long-term stability of supply.

A Hyundai Engineering & Construction official said, “This commitment is a case that enhances the reliability and maturity of the domestic renewable energy power supply market centered on solar power, while presenting companies with a stable, long-term power supply option,” adding, “Going forward, we will continue to strengthen cooperation in various areas, including expanding renewable energy development and supporting RE100 implementation.”

Meanwhile, since entering the power brokerage business in 2023, Hyundai Engineering & Construction has been supporting the renewable energy transition of domestic companies, including Hyundai Motor Group, based on its experience in the construction and operation of power generation projects. It has also developed a power purchase agreement (PPA) automation IT platform and virtual power plant (VPP) service, and is pursuing cumulative PPA contracts of more than 1GW with domestic power producers.

Hyundai Engineering & Construction announced that it plans to expand its renewable energy generation portfolio and establish a private-sector-led power trading structure in line with the government’s energy transition policy and the expansion of the renewable energy market.

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