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SEOUL/ATHENS - South Korean energy investment firm HRE Co. Ltd. has agreed to acquire a 42 MW portfolio of solar projects in South Korea from London-listed METLEN Energy & Metals PLC (LSE:MTLN), according to a press release issued Thursday.
The transaction encompasses five operational and under-development solar projects that are expected to generate approximately 60 GWh of clean electricity annually, enough to power about 12,000 Korean households. The operational projects have secured long-term power purchase agreements with Korean conglomerates.
The deal represents part of METLEN’s Global Asset Rotation Plan and marks its continued expansion in East Asia since entering the South Korean market in 2022.
"We are proud to partner with METLEN on this landmark transaction, which reflects our shared commitment to accelerating South Korea’s clean energy transition," said Sunwoong Kim, Representative Executive Officer of HRE Co. Ltd.
Nikos Papapetrou, Executive Director of METLEN’s M Renewables segment, noted that the agreement "underscores METLEN’s long-term commitment to the South Korean market and the strength of our renewables platform in East Asia."
Beyond this transaction, the companies stated they are exploring a broader strategic partnership for METLEN’s South Korean project pipeline, which may include additional solar projects, battery energy storage systems, and green-powered data centers.
METLEN, which trades on the London Stock Exchange, has been developing renewable energy projects in South Korea since 2022, beginning with a solar project in Yangpyung-gun.
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