KEPCO Engineering and Construction Company and Truston Asset Management will link their respective strengths in power plant design and engineering capability with investment and financial expertise to jointly develop renewable energy projects and establish a cooperation framework that examines both technical feasibility and investment potential. They will strengthen their collaboration system from joint discovery of wind and solar power generation projects through to power supply based on power purchase agreements (PPA).
KEPCO Engineering and Construction Company announced on June 22 that it had signed a memorandum of understanding (MOU) for renewable energy business cooperation with Truston Asset Management on June 18.
Three areas of cooperation
Under the agreement, the two companies will cooperate in three core areas: joint discovery of domestic and overseas renewable energy generation projects centered on wind and solar power; joint development of generation projects based on power purchase agreements (PPA) linked with large-scale power consumers such as artificial intelligence data centers; and mutual cooperation in feasibility review, technical consultation, and licensing.
First, the two companies plan to jointly discover wind and solar generation projects and expand business opportunities through collaboration in the development process, including feasibility review, technical consultation, and licensing. In particular, they will develop a concrete cooperation model that links large-scale power consumers such as AI data centers with renewable energy sources through PPA, covering project development, investment, and financing.
Combining technical and financial expertise
The two companies share the view that as renewable energy projects such as offshore wind become larger in scale and more complex in structure, business viability and financing capability have emerged as key factors alongside technical feasibility. They plan to combine the expertise accumulated in design, engineering, and investment and finance to strengthen project execution capability.
KEPCO Engineering and Construction Company successfully completed the engineering, procurement and construction (EPC) of the 100-megawatt Hanlim offshore wind project in Jeju, demonstrating its capacity to execute large-scale projects. This experience led to the southwestern region Busan dispersed complex 1 (Buan 800-megawatt) offshore wind project, for which it was selected as the preferred bidder in June, and it is participating in special purpose vehicle equity investment and EPC.
Truston Asset Management has built expertise by treating renewable energy projects as a major field in the alternative investment sector. In 2024, it expanded its investment scale and targets by establishing the ESG New Renewable Energy Fund 2, worth approximately 90 billion won, which invests in wind and solar development, construction, and operation-stage projects domestically.
Kim Tae-gyun, president of KEPCO Engineering and Construction Company, said: "I will use this cooperation as an opportunity to discover and develop new projects so that KEPCO Engineering and Construction Company's engineering capability creates greater value in the domestic and overseas renewable energy market."
KWI developer profile — KEPCO
4 projects in Korea totalling 1,310 MW. Compiled from the KWI database. Not part of the source article.
Hanlim Offshore Wind
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Southwest Offshore Wind Phase 2
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Sinan 1 Offshore Wind
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Sinan 2 Offshore Wind
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Project data: KWI database — Electricity Business Licence records, EIA filings (ME2021C006), Electricity Regulatory Commission minutes, and pre-EBL permit filings.
