SEOUL, May 2 (Korea Bizwire) — South Korean builder SK ecoplant Co. announced that it had joined hands with state-utility firm Korea East-West Power Co. to explore overseas green hydrogen bases using solar power generation.
The two parties recently signed signed a memorandum of understandin to develop solar power projects overseas and use the electricity generated to produce green hydrogen to be imported to South Korea.
Green hydrogen is produced using electricity generated from renewable energy.
SK ecoplant will be responsible for water electrolysis, solar technology solutions and financing, while Korea East-West Power will be in charge of purchasing the green hydrogen produced and use it as a power source or supply it to other customers.
The primary development target areas are eight countries including Western Australia and Queensland in Australia, where the unit price of green hydrogen production is known to be the lowest in the world.
SK ecoplant said that Australia is the best place for solar power generation since it has abundant sunlight and a large land area.
The two parties will sign a joint development agreement this year and expand the area of joint cooperation towards the Middle East based on their respective strengths.
Kevin Lee (email@example.com)