Global Renewable Energy Leader Concord New Energy Group Signs First GlobalRE100 Power Purchase Agreement with Hyundai Engineering & Construction

On June 19, 2025, Concord New Energy Group Ltd. (CNE), global renewable energy leader headquartered in Singapore, achieved a significant milestone by signing its first-ever global RE100 Power Purchase Agreement (PPA) project with Hyundai Engineering & Construction Co., Ltd, a leading engineering and construction South Korean enterprise. The 21-megawatt photovoltaic project underscores CNE’s alignment with the RE100 initiative, a global corporate leadership movement driving the world’s most influential businesses towards 100% renewable electricity. This also marks CNE’s entrance in South Korea, representing a key breakthrough in the company’s international green energy strategy.

Located in Pyeongchang County, Gangwon Province, South Korea, the project will capitalize on the region’s superior sunlight resources. With an installed capacity of 21MW, it is scheduled to commence commercial operation in 2026 and is designed to operate for 30 years. Supporting South Korea’s goal of achieving carbon neutrality, the project will be one of the largest photovoltaic power stations in South Korea upon completion, supplying stable and sustainable clean energy to the local power grid. 

The collaboration between CNE and Hyundai Engineering & Construction demonstrates the shared commitment to the development of green energy in South Korea. Both organisations intend to deepen their partnership to promote the optimisation of regional energy structure and green low-carbon development. 

The power purchaser, Hyundai Engineering & Construction, is a leading engineering and construction enterprise in South Korea, with business covering multiple fields such as infrastructure, energy, and industrial facilities. Its parent company, Hyundai Motor Group, is one of the largest comprehensive conglomerates in South Korea. In 2024, it ranked 73rd on the Fortune Global 500 list, 2nd among South Korean conglomerates, with a total market value exceeding $60 billion.