POSCO Future M Cooperates with SK Innovation E&S on Solar Power Business

POSCO Future M announced on Sept. 18 that it has signed a contract with SK Innovation E&S to pursue a solar power generation project.

SK Innovation E&S will install 2.5-megawatt (MW) scale solar panels on the roofs and in the parking lots of POSCO Future M’s plants, producing 2.8 gigawatt-hours (GWh) of renewable energy annually. POSCO Future M plans to purchase the electricity produced and utilize it for its plant operations. This is expected to enable an annual reduction of approximately 1,300 tons of carbon emissions.

Through this contract, POSCO Future M plans to receive a supply of electricity at a competitive price while also taking another step toward its renewable energy transition goals. The two companies have agreed to start with this renewable energy business cooperation and continue to explore various business strategies for a sustainable future.

With the goal of achieving decarbonization by 2050, POSCO Future M completed a solar facility with an annual capacity of 209 megawatt-hours (MWh) at its Sejong anode material plant in 2021. Last year, it continued to expand its use of renewable energy by pursuing a 2.6 GWh per year solar power project at its Gwangyang cathode material plant in collaboration with POSCO International.

POSCO Future M is considering the installation of additional solar power facilities at sites such as its dedicated Gwangyang Nickel-Cobalt-Aluminum (NCA) cathode material plant. Through this, the company plans to diversify its methods of procuring renewable energy, including Power Purchase Agreements (PPA) and the purchase of Renewable Energy Certificates (REC).