NAVER Partners with K-Water to Expand Green Energy Utilization at NAVER 1784 Through a Renewable Energy PPA
NAVER Partners with K-Water to Expand Green Energy Utilization at NAVER 1784 Through a Renewable Energy PPA
NAVER Partners with K-Water to Expand Green Energy Utilization at NAVER 1784 Through a Renewable Energy PPA
- NAVER is the first in Korea to incorporate hydroelectric energy for its office operations
- NAVER 1784 is the first building in Korea to harness a diverse blend of renewable energy sources, including hydro, solar, and geothermal energies
October 25, 2023
NAVER (CEO Choi Soo-yeon) announced on October 25 that it has entered into a direct power purchase agreement (PPA) with the Korea Water Resources Corporation (K-water, CEO Yun Seog Dae) for the supply of hydroelectric renewable energy. With this agreement, NAVER became the first in Korea to incorporate hydroelectrically produced renewable energy into its office operations.
Through the PPA, NAVER has secured a stable supply of renewable energy produced by hydroelectric power from K-Water. NAVER plans to directly acquire 13 GWh of electricity produced by K-water’s Yongdam 2nd Hydroelectric Plant annually for powering its 1784 office building operations. NAVER expects that renewable sources will contribute to over 50% of the energy requirements for 1784.
[Photo] NAVER and K-water signed a PPA for hydroelectric renewable energy supply on October 25 at the NAVER 1784 building located in Seongnam, Gyeonggi-do. Jang Byung-hoon (right/left), Head of the Water Environment Division at K-water, and Lim Dong-a (right/left), Executive Officer of ESG and External Policy at NAVER.
This partnership has elevated NAVER 1784 to be Korea’s first building to harness various renewable energy sources such as hydro, solar, and geothermal energies. Starting with this PPA, NAVER plans to continue its collaboration efforts with K-water, building upon the memorandum of understanding (MOU) signed last December. The MOU is centered around cooperation for the RE100 initiative and environmental, social, and governance (ESG).
NAVER plans to broaden the use of renewable energy across its office spaces and data centers in collaboration with various partners, aiming at realizing the RE100 objective and reaching the “Carbon Negative by 2040” milestone. Last December, NAVER also signed a third-party PPA with Korea Electric Power Corporation (KEPCO) and ENlighten to adopt renewable energy through solar power.
Jang Byung-hoon, Head of the Water Environment Division at K-water, commented, "As Korea’s leading water energy agency, this PPA agreement is significant as it enables a private company to directly utilize the renewable energy we manage to support carbon neutrality. We will continue to expand renewable energy supply to aid domestic companies in reducing greenhouse gases and reaching carbon neutral objectives.”
Lim Dong-a, Executive Officer of ESG and External Policy at NAVER, stated, “NAVER is diligently working towards carbon neutrality, including securing a stable supply of renewable energy for the future eco-friendly space, NAVER 1784. Our utmost efforts are directed towards positioning NAVER as a global frontrunner with an unparalleled ESG management system.”
