METLEN and the Korean HRE Co. Ltd. have signed a strategic agreement, under which HRE acquires a diversified portfolio of photovoltaic projects in South Korea, with a total installed capacity of 42 MW, which concerns the first stage of the RES portfolio that METLEN has developed in the country.
Specifically, the agreement includes five photovoltaic projects in operation or under development, which in total will produce over 60 GWh of clean electricity per year, covering the electricity needs of over 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 groups, strengthening their strategic and commercial value.
Strategic significance
This partnership highlights the strategic importance of METLEN’s Asset Rotation Plan, which confirms the Company’s ability to successfully execute complex transactions. The transaction also contributes to further strengthening its overall liquidity, supporting its strategic flexibility as it continues to develop its international activities.
In addition to this specific agreement, METLEN and HRE are exploring the possibility of a broader strategic partnership for METLEN’s project portfolio in South Korea, which includes large-scale photovoltaic projects, energy storage systems (BESS) and data centers powered by “green” energy.
Sunwoong Kim, the Representative Executive Officer of HRE Co. Ltd. commented on the agreement: “We are proud to partner with METLEN on this landmark transaction, which reflects our shared commitment to accelerating South Korea’s clean energy transition. The acquisition of this 42 MW portfolio strengthens HRE’s position as a leading renewable-energy developer and marks the beginning of a long-term collaboration with METLEN. Together, we aim to expand into large-scale solar and battery storage projects that will shape the region’s sustainable energy future.”
South Korea remains a strategic focus for METLEN’s M Renewables segment, one of the few European companies to have successfully established a strong presence in the East Asian renewables sector. Since entering the Korean market in 2022 with the construction of its first solar PV project in Yangpyung-gun, METLEN has expanded its footprint through a pipeline of large-scale solar PVs.
Nikos Papapetrou, Executive Director of METLEN’s M Renewables segment, stated: “This agreement with HRE underscores METLEN’s long-term commitment to the South Korean market and the strength of our renewables platform in East Asia. It reflects the trust we have built through the successful development of high-quality solar projects and marks another step in expanding our presence in one of the most dynamic energy markets in the region.”
The Company also sees data centers powered by renewables as a critical part of its growth strategy in South Korea, leveraging the country’s strong digital infrastructure ambitions.
