14-05-2025

Lotte Chemical and Korea Midland Power sign MOU for renewable energy development and supply project

Lotte Chemical is expanding its use of renewable energy as part of its efforts to strengthen ESG (Environmental, Social, and Governance) management.  

On May 14th, Lotte Chemical announced that it signed a Memorandum of Understanding (MOU) with Korea Midland Power at the EBC Center on the 113th floor of Lotte World Tower on the 13th for the development and supply of renewable energy projects.  

The signing ceremony was attended by Lee Young-jun, CEO of Lotte Chemical; Sung Nak-sun, Head of Finance Innovation; and Park In-chul, Head of ESG Management. From Korea Midland Power, President Lee Young Jo, Ahn Sung-kyu, Head of Future Industries, and Kim Jae-sik, Head of Renewable Energy Business, were present.  

This MOU aims to help both companies achieve their RE100 goals through the successful development of domestic renewable energy power plants (such as solar and wind) and the promotion of renewable electricity supply projects. The agreement also seeks to support the growth of Korea’s renewable energy market. Through strategic collaboration, the two companies intend to pursue mutual benefits by reinforcing their cooperative relationship and competitiveness.  

Lotte Chemical is actively participating in the global RE100 initiative based on its eco-friendly strategy, Green Promise 2030. The Company is leading efforts toward net-zero emissions and building a sustainable green ecosystem. It is also promoting sustainable growth through various initiatives, including the installation of in-house renewable energy facilities, direct power transactions, and the acquisition of Renewable Energy Certificates (RECs).  

Korea Midland Power, under its corporate vision of becoming a “comprehensive energy company leading future value,” has set a target to increase its renewable energy generation ratio to 40% by 2040. It is also taking the lead in the era of energy transition through efforts such as the adoption of hydrogen and other carbon-free energy sources.  

Lee Young-jun, CEO of Lotte Chemical, said, “We are accelerating efforts to expand our eco-friendly future growth businesses and to achieve carbon neutrality by 2050. Through this MOU, we hope both companies will accomplish their shared goals in securing renewable energy and establish a foundation for the expansion of eco-friendly businesses.”

Lee Young Jo, President of Korea Midland Power, added, “This mutual cooperation in the field of renewable energy is expected to not only support the achievement of RE100 goals but also become a key driver for expanding the adoption of renewable energy in Korea. We will dedicate our full organizational capabilities to ensure the smooth progress of new projects based on trust and cooperation between the two companies.”