Jan 6 2008
Eurus Energy group has specialized in the development of the wind power generation business since it was established in 2002, and at this time, it has entered the photovoltaic power generation field, which is a clean and inexhaustible energy source, in the same way as wind power generation.
As the first step in this business, Eurus will construct a photovoltaic power generation station with an output of 1MW in Jeollabuk-do in Korea, with commercial operation scheduled to start in June 2008.
Eurus Energy group was one of the first to see the potential of wind power energy as a solution for addressing global environmental problems and the common worldwide issue of preserving fossil energy resources, and has dedicated itself to the wind power generation business since it has been established with a global development plan including facilities in Japan, the United States and Europe.
As a pioneer in the field of wind power generation, Eurus currently operate plants in six countries with a total capacity of 1,336MW (352MW in Asia, 344MW in the United States and 640MW in Europe).
The field of photovoltaic power generation has shown nearly the same growth potential as wind power generation in recent years, and entrance into this business is extremely similar to the wind power generation field, from the selection of candidate sites to the construction and operation of power stations. Eurs Energy group made the judgment that it could utilize the experience and know-how that it has acquired in the wind power generation business and apply it to the photovoltaic power generation business.
In addition, the Korean government has established a goal of procuring 5% renewable energy out of it total power generation consumption by the year 2011, with respective targets of 1,700MW for wind power energy and 1,000MW for photovoltaic power energy. In line with this policy, the government has come out with various support policies.
In order to facilitate the serious development of the photovoltaic power generation business in Korea, our group has established the Eurus Energy Korea Corporation (Seoul) as an overseas subsidiary company. In addition to constructing the largest wind power generation plant in Gangwon-do, in the northeast of South Korea, we are pursing an aggressive development program in other locations in the country. At the same time, there is a favorable environment for the photovoltaic power generation business, and we have conducted various surveys at a number of promising sites.
This has resulted in the decision to proceed with the photovoltaic power generation business in Sunchang-gun, Jeollabuk-do, Korea, which is one of the areas with the highest volume of photovoltaic radiation throughout the year in Korea.
Since the utilization of renewable energy will decrease the dependence on fossil fuels, help control the worldwide problem of global warming and contribute to sustainable economic development, high expectations have been placed on this business because of the social contributions it will make.
By focusing on the steady promotion of this project, Eurus Energy group will endeavor to further enhance its corporate value based on our corporate philosophy of "Helping preserve the global environment through the promulgation and expansion of clean energy."