Hanwha signs direct power purchase agreement with Hanwha Shinhan TWh

[Courtesy of Hanwha Corp.]

The global division of South Korea’s Hanwha Corp. announced on Thursday that it has signed a direct power purchase agreement with Hanwha Shinhan TWh Co. for the supply of 5,398 megawatt-hours (MWh) of renewable electricity annually for 20 years.

This contract is the company’s first K-RE100 implementation agreement since it joined K-RE100 in January 2024.

K-RE100 is the Korean version of the global RE100 campaign, which aims to convert 100 percent of the electricity used by companies to renewable energy.

Hanwha set a goal to convert 100 percent of its electricity consumption to renewable energy by 2040 upon joining K-RE100.

The renewable electricity produced under this contract will be supplied to Hanwha‘s Onsan plant in Ulsan, South Gyeongsang Province.

This amount of electricity can replace about 20 percent of the power usage at the Onsan plant, which produces nitric acid and ammonium nitrate as raw materials for textile dyes, and paints.

Hanwha Shinhan TWh is a dedicated renewable energy power trading company jointly established by Hanwha Convergence Co. and Shinhan Financial Group.

“This contract aligns with our commitment to eco-friendly management,” said Yang Ki-won, chief executive officer of Hanwha Global. “We plan to gradually increase our K-RE100 implementation rate.”