METLEN (RIC: MTLN.L, Bloomberg: MTLN.LN, MTLN.GA, ADR: MYTHY US) and Korean company HRE Co. Ltd. (“HRE”) announce the signing of a strategic agreement, under which HRE will acquire a diversified portfolio of photovoltaic projects in South Korea, with a total installed capacity of 42 MW, representing the first phase of the renewable energy portfolio that METLEN has developed in the country.
The agreement specifically includes five photovoltaic projects in operation or under development, which will collectively generate over 60 GWh of clean electricity annually, covering the power needs of more than 12,000 households in South Korea. It is noted that the projects already in operation have secured long-term power purchase agreements (PPAs) with leading Korean conglomerates, enhancing their strategic and commercial value.
This partnership highlights the strategic importance of METLEN’s Asset Rotation Plan, consistently confirming the company’s ability to successfully execute complex transactions. The transaction also contributes to further strengthening overall liquidity, supporting strategic flexibility as it continues to develop its international operations.
Broader strategic partnership between METLEN and HRE remains open
Beyond this specific agreement, METLEN and HRE are exploring the possibility of broader strategic cooperation for METLEN’s project portfolio in South Korea, which includes large-scale photovoltaic projects, battery energy storage systems (BESS) and data centers powered by green energy.
Sunwoong Kim, Representative Executive Officer of HRE Co. Ltd., commented on the agreement: “We are proud to move forward with METLEN on this significant agreement, which reflects our shared commitment to accelerating South Korea’s energy transition. The acquisition of this 42 MW portfolio strengthens HRE’s position as a leading force in renewable energy project development and marks the beginning of a long-term partnership with METLEN. Together, we aim to expand into large-scale solar and storage projects that will shape the region’s sustainable energy future.”
South Korea remains a strategic market for METLEN’s M Renewables division, one of the few European companies that has managed to establish a strong presence in the East Asian renewable energy sector. Since entering the market in 2022 with the construction of its first photovoltaic park in Yangpyung-gun, METLEN has expanded its footprint through a portfolio of large-scale projects.
Nikos Papapetrou, Executive Director of METLEN’s M Renewables, stated: “The agreement with HRE confirms METLEN’s strategic and long-term presence in the South Korean market and strengthens the company’s renewable energy portfolio in East Asia. It also reflects the trust we have built through the successful development of high-quality photovoltaic projects and marks another step in further strengthening our presence in one of the region’s most dynamic energy markets.”
Data centers powered by renewable sources constitute a critical pillar of METLEN’s development strategy in South Korea, leveraging the country’s increasingly expanding digital infrastructure.
