S-Energy's EPC Orders Top KRW 30 Billion This Year... Expands Public-Sector and Overseas Businesses

S-Energy is expanding its solar EPC (engineering, procurement and construction) orders, primarily from domestic state-owned power companies, while also broadening its business into overseas ESS (energy storage system) projects. Its strategy is not merely to win more orders, but to strengthen project execution, risk management, and cash flow management so that orders translate into actual revenue and earnings.

S-Energy said it is strengthening a system to manage the entire process for public-sector EPC projects, from securing orders and construction to collecting payments, led by Executive Vice President Lee Mincheol, head of the EPC Business Division. Lee has broadened his business experience from IT systems to renewable energy, including ESS and solar power. The company plans to expand order opportunities among public-sector and corporate customers by leveraging his experience alongside its existing solar business capabilities.

The value of major orders secured this year has exceeded KRW 30 billion. S-Energy secured an order worth about KRW 12 billion for Korea Southern Power's Gasi-ri solar project in Jeju, and subsequently signed a definitive contract worth about KRW 7.2 billion with Japan's Kamei for a repowering project. It also won a solar project on an idle site owned by Korea Western Power. Separately, it is supplying modules for the Incheon Namdong Industrial Complex RE100 project and the Seoul Arena BIPV (building-integrated photovoltaics) project.

The Korea Western Power project is significant because it followed the successful execution of an earlier project. S-Energy previously carried out the Iwonho floating solar project, valued at about KRW 41.1 billion. For the latest project, it is responsible for 88.09% of the total value of about KRW 12.5 billion, handling key work including equipment supply and construction. The company plans to continue securing additional orders in the public-sector EPC market, drawing on its accumulated project execution experience with state-owned power companies.

Overseas, S-Energy is pursuing grid-scale ESS projects, using Japan as its base. Through its Japanese subsidiary, it is establishing a business structure with Korean investors that encompasses the entire process, from project development and EPC to operations and maintenance (O&M). As demand for ESS grows to provide greater flexibility to power grids amid the expansion of renewable energy, the company aims to extend into the ESS sector the project execution capabilities it has built through solar EPC.

S-Energy has also strengthened its internal management systems to turn orders into tangible improvements in business performance. It has added personnel for EPC risk and receivables management and is conducting stage-by-stage reviews of contract terms, input costs, project progress, and payment collection. The company also plans to manage cash flow more systematically by coordinating billing and collection schedules for each project stage with equipment procurement and construction expenditure plans.

S-Energy CEO Hong Moongyo said, "We will turn the orders we have secured into profits and payment collection, and demonstrate results through revenue, profitability, and cash flow."

Meanwhile, S-Energy will resume stock trading on October 28 after the trading suspension resulting from its share consolidation.

This content was produced with the assistance of AI translation services.