Lotte Chemical Corp. inked a deal with Korea Midland Power Co. to develop renewable energy projects and supply mechanisms, advancing both companies’ carbon reduction targets. The companies formalized their partnership at Seoul’s Lotte World Tower on May 13.
The alliance supports Lotte Chemical’s participation in the global RE100 initiative under its “Green Promise 2030” environmental strategy while helping Korea Midland Power reach its goal of generating 40% of its electricity from renewable sources by 2040.
Lotte Chemical CEO Lee Young-joon indicated the company is accelerating efforts to expand eco-friendly business lines while pursuing carbon neutrality by 2050. The partnership focuses on developing domestic renewable power plants and implementing supply projects to strengthen Korea’s renewable energy market.
The chemical manufacturer has been expanding its clean energy portfolio through multiple channels, including installing its own renewable facilities, entering direct power purchase agreements, and acquiring renewable energy certificates. The company also recently signed an agreement for a floating solar project at Hapcheon Dam that will generate 26,618 MWh annually when completed in December 2025, requiring investment of 36.6 billion won ($26.7 million).
