South Korea: Renetec to Raise Tidal Energy Funds from Equity Partners

Renewable energy company, Renetec Co., plans to raise around thirty percent of funds for USD 917 million tidal energy project from their equity partners, said Chief Executive Officer Park Jong Seon to Bloomberg.

“For the debt portion, we’ll start fundraising in May 2014”, Seon added.

The total capacity of this project will be 200MW and it will be able to power 180,000 houses.

Among the big companies that are supporting this project are: Korea Electric Power Corp., Hyundai Amco Co., Hyundai Motor Group, and the local governments of Jeollanamdo and Jindo Island.

Renetec is expecting to complete this project by 2016.

[mappress]

Offshore WIND staff, November 07, 2012; Image: voith