Coway to build solar power plant to bolster ESG initiative

South Korean home appliance maker Coway said Thursday it will begin constructing a solar power plant on the roof of its global sleep technology subsidiary iOBED's factory, located in Paju, Gyeonggi Province, in December. The construction is set to be completed in March 2023.

The solar power plant will begin operation in the first half of 2023, and is estimated to have an annual generation capacity of 800 kilowatt hours, according to the home appliance company.

The plant will become the fifth solar energy facility run by the firm. The company inaugurated its first solar plant in 2013, at its factory in Pocheon, Gyeonggi Province. Coway has gone on to build facilities at its Yugu Distribution Center, Yugu Factory and Incheon Factory. The four plants can produce up to 1,182.3 KWh collectively.

The home appliance maker said it was working with local solar module manufacturer Shinsung E&G on the project as part of its environmental, social and governance management initiatives.

Coway had announced its vision to prioritize ESG management back in 2006. Since then it has pledged to gradually reduce greenhouse gas emissions, achieving 50 percent reduction by 2030, and net-zero by 2050. It has also launched an internal ESG committee in August 2021 to accelerate ESG management.

“We expect to reduce greenhouse gas emissions by 470 (metric) tons annually through our new solar power plants. This is part of our ESG initiative that we are dedicated to fulfilling in line with our responsibility as an environmentally friendly company,” said a Coway official.