Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 |
Investments in Associates and Joint Ventures [Abstract] | |
Summary of Investments in Associates and Joint Ventures | (1) Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows: 2020 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG Korea 20.47 % ₩ 94,500 1,647,325 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others Korea 29.00 % 4,727 25,630 YTN Co., Ltd. Broadcasting Korea 21.43 % 59,000 40,549 Gangwon Wind Power Co., Ltd.(*2) Power generation Korea 15.00 % 5,725 11,443 Hyundai Green Power Co., Ltd. Power generation Korea 29.00 % 88,885 132,774 Korea Power Exchange(*3) Management of power market and others Korea 100.00 % 127,839 269,122 Taebaek Wind Power Co., Ltd. Power generation Korea 25.00 % 3,810 6,392 Taebaek Guinemi Wind Power Co., Ltd. Power generation Korea 25.00 % 3,420 3,087 Pyeongchang Wind Power Co., Ltd. Power generation Korea 25.00 % 3,875 5,027 Daeryun Power Co., Ltd.(*2) Power generation Korea 9.34 % 40,854 26,353 Changjuk Wind Power Co., Ltd. Power generation Korea 30.00 % 3,801 7,867 KNH Solar Co., Ltd. Power generation Korea 27.00 % 1,296 2,436 SPC Power Corporation Power generation Philippines 38.00 % 20,635 69,912 Gemeng International Energy Co., Ltd. Power generation China 34.00 % 413,153 679,708 PT. Cirebon Electric Power Power generation Indonesia 27.50 % 40,365 117,811 KNOC Nigerian East Oil Co., Ltd.(*4) Resources development Nigeria 14.63 % 12 — KNOC Nigerian West Oil Co., Ltd.(*4) Resources development Nigeria 14.63 % 12 — PT Wampu Electric Power Power generation Indonesia 46.00 % 21,292 27,865 PT. Bayan Resources TBK Resources development Indonesia 20.00 % 615,860 425,234 S-Power Power generation Korea 49.00 % 132,300 110,292 Pioneer Gas Power Limited Power generation India 38.50 % 49,831 — Eurasia Energy Holdings Power generation and resources development Russia 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation Laos 25.00 % 87,426 64,570 Hadong Mineral Fiber Co., Ltd.(*2) Recycling fly ashes Korea 8.33 % 50 — PT. Mutiara Jawa Manufacturing and operating floating coal terminal Indonesia 29.00 % 2,978 1,780 Samcheok Eco Materials Co., Ltd.(*5) Recycling fly ashes Korea 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation Korea 29.00 % 1,740 4,197 Goseong Green Power Co., Ltd.(*2) Power generation Korea 1.12 % 2,900 2,186 Gangneung Eco Power Co., Ltd.(*2) Power generation Korea 1.61 % 2,900 2,368 Shin Pyeongtaek Power Co., Ltd. Power generation Korea 40.00 % 72,000 69,591 Haeng Bok Do Si Photovoltaic Power Co., Ltd. Power generation Korea 28.00 % 194 210 Dongducheon Dream Power Co., Ltd.(*6) Power generation Korea 33.61 % 148,105 80,637 Jinbhuvish Power Generation Pvt. Ltd.(*2, 7) Power generation India 5.16 % 9,000 — Daejung Offshore Wind Power Co., Ltd. Power generation Korea 46.59 % 5,190 2,165 GS Donghae Electric Power Co., Ltd. Power generation Korea 34.00 % 204,000 244,426 Daegu Photovoltaic Co., Ltd. Power generation Korea 29.00 % 1,230 2,066 Busan Green Energy Co., Ltd. Power generation Korea 29.00 % 5,243 8,778 Gunsan Bio Energy Co., Ltd.(*2) Power generation Korea 18.87 % 1,000 — Korea Electric Vehicle Charging Service Electric vehicle charge service Korea 28.00 % 2,800 576 Korea Nuclear Partners Co., Ltd. Electric material agency Korea 28.98 % 537 200 Korea Electric Power Corporation Fund(*8) Developing electric enterprises Korea 98.09 % 51,500 41,926 Energy Infra Asset Management Co., Ltd.(*2) Asset management Korea 9.90 % 297 938 Daegu clean Energy Co., Ltd. Renewable power generation Korea 28.00 % 140 12 Yaksu ESS Co., Ltd. Installing ESS related equipment Korea 29.00 % 210 454 Nepal Water & Energy Development Company Private Limited(*9) Construction and operation of utility plant Nepal 60.35 % 50,268 42,677 Gwangyang Green Energy Co., Ltd. Power generation Korea 20.00 % 2,000 926 PND S Power generation Korea 29.00 % 1,250 1,149 Hyundai Eco Energy Co., Ltd.(*2) Power generation Korea 19.00 % 3,610 4,250 YeongGwang Yaksu Wind Electric Co., Ltd.(*2) Power generation Korea 9.63 % 533 312 Green Energy Electricity Generation Co., Ltd. Power generation Korea 29.00 % 1,189 25 Korea Energy Solutions Co., Ltd. R & D Korea 20.00 % 300 197 ITR Co., Ltd. R & D Korea 20.00 % 50 40 Structure test network Co., Ltd. Technical testing and consulting Korea 20.00 % 25 27 Namjeongsusang Solar Power Operation Co., Ltd.(*10) Power generation Korea 15.00 % 969 103 2020 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won Indeck Niles Development, LLC(*11) Power generation USA 24.08 % ₩ 45,562 20,627 Indeck Niles Asset Management, LLC Power generation USA 33.33 % — 101 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 Holding company Korea 49.00 % 7,300 7,326 Suwon New Power Co., Ltd. Power generation Korea 39.90 % 798 1,054 KPGE Inc. Power generation materials business Korea 29.00 % 287 287 Gwangbaek Solar Power Investment Co., Ltd. Power generation Korea 44.00 % 4,757 4,682 Go deok Clean Energy Co., Ltd.(*12) Fuel cell generation Korea 61.00 % 1,830 960 SureDataLab Co., Ltd. R & D Korea 23.95 % 126 85 SEP Co., Ltd. R & D Korea 21.26 % 27 14 Hankook Electric Power Information Co., Ltd. R & D Korea 25.25 % 38 139 Tronix Co., Ltd. R & D Korea 20.00 % 75 119 O2&B Global Co., Ltd. R & D Korea 20.00 % 25 22 Muan Sunshine Solar Power Plant Co., Ltd. Power generation Korea 20.00 % 1,570 1,096 Bigeum Resident Photovoltaic Power Co., Ltd. Power generation Korea 29.90 % 1 — Jeju SolarOne Co., Ltd.(*13) Power generation Korea 10.00 % 161 159 Goesan Solar Park Co., Ltd. Power generation Korea 29.00 % 1,276 1,684 Saemangeum Heemang Photovoltaic Co., Ltd. Power generation Korea 35.00 % 11,022 11,022 Bitgoel Eco Energy Co., Ltd. Power generation Korea 29.00 % 29 29 Jeju Gimnyeong Wind Power Co., Ltd. Power generation Korea 30.00 % 714 1,578 Seoroseoro Sunny Power Plant Co., Ltd.(*14) Power generation Korea 19.46 % 230 230 Muan Solar Park Co., Ltd.(*14) Power generation Korea 19.00 % 4,180 4,180 YuDang Solar Co., Ltd. Power generation Korea 20.00 % 360 360 Anjwa Smart Farm & Solar City Co., Ltd.(*14) Power generation Korea 19.50 % 5,510 5,510 Daewon Green Energy Co., Ltd. Power generation Korea 25.36 % 3,910 3,910 2,481,761 4,250,787 <Joint ventures> KEPCO-Uhde Inc.(*15) Power generation Korea 52.80 % 11,355 100 Shuweihat Asia Power Investment B.V. Holding company Netherlands 49.00 % 44,405 13,264 Shuweihat Asia Operation & Maintenance Company(*15) Maintenance of utility plant Cayman 55.00 % 30 1,057 Waterbury Lake Uranium L.P. Resources development Canada 33.10 % 26,602 19,797 ASM-BG Power generation Bulgaria 50.00 % 16,101 18,200 RES Technology AD Power generation Bulgaria 50.00 % 15,595 15,930 KV Holdings, Inc. Power generation Philippines 40.00 % 2,103 2,405 KEPCO SPC Power Corporation(*15) Construction and operation of utility plant Philippines 75.20 % 94,579 201,663 Gansu Datang Yumen Wind Power Co., Ltd. Power generation China 40.00 % 16,621 6,530 Datang Chifeng Renewable Power Co., Ltd. Power generation China 40.00 % 121,928 188,478 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation China 40.00 % 39,872 42,530 Rabigh Electricity Company Power generation Saudi Arabia 40.00 % 109,743 97,157 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant Saudi Arabia 40.00 % 70 3,813 Jamaica Public Service Company Limited Power generation Jamaica 40.00 % 301,910 266,221 KW Nuclear Components Co., Ltd. Manufacturing Korea 45.00 % 833 11,171 Busan Shinho Solar Power Co., Ltd. Power generation Korea 25.00 % 2,100 5,378 Global Trade Of Power System Co., Ltd.(*16) Exporting products and technology of small or medium business by proxy Korea 29.00 % 290 546 Expressway Solar-light Power Generation Co., Ltd.(*16) Power generation Korea 29.00 % 1,856 2,896 Amman Asia Electric Power Company(*15) Power generation Jordan 60.00 % 111,476 161,253 KAPES, Inc.(*15) R & D Korea 51.00 % 5,629 — Honam Wind Power Co., Ltd. Power generation Korea 29.00 % 3,480 3,887 Jeongam Wind Power Co., Ltd. Power generation Korea 40.00 % 5,580 4,620 Korea Power Engineering Service Co., Ltd. Construction and service Korea 29.00 % 290 5,362 Chun-cheon Energy Co., Ltd. Power generation Korea 29.90 % 52,700 27,518 Yeonggwangbaeksu Wind Power Co., Ltd.(*16) Power generation Korea 15.00 % 3,000 3,124 Nghi Son 2 Power LLC Power generation Vietnam 50.00 % 2,781 — Kelar S.A.(*15) Power generation Chile 65.00 % 78,060 71,449 2020 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won PT. Tanjung Power Indonesia Power generation Indonesia 35.00 % ₩ 26,892 33,063 Incheon New Power Co., Ltd.(*17) Power generation Korea 29.00 % 461 — Seokmun Energy Co., Ltd. Power generation Korea 29.00 % 15,370 14,814 Daehan Wind Power PSC Power generation Jordan 50.00 % 7,493 — Barakah One Company(*18) Power generation UAE 18.00 % 118 — Nawah Energy Company(*18) Operation of utility plant UAE 18.00 % 296 270 Momentum International thermonuclear experimental reactor construction management France 33.33 % 1 565 Daegu Green Power Co., Ltd.(*19) Power generation Korea 29.00 % 46,225 23,045 Yeonggwang Wind Power Co., Ltd. Power generation Korea 46.00 % 17,475 17,256 Chester Solar IV SpA Power generation Chile 45.00 % 1,700 1,064 Chester Solar V SpA Power generation Chile 45.00 % 525 277 Diego de Almagro Solar SpA Power generation Chile 45.00 % 2,091 1,490 South Jamaica Power Company Limited Power generation Jamaica 20.00 % 20,521 31,897 Daesan Green Energy Co., Ltd. Power generation Korea 35.00 % 17,850 22,552 RE Holiday Holdings LLC Power generation USA 50.00 % 42,948 68,809 RE Pioneer Holdings LLC Power generation USA 50.00 % 27,891 49,639 RE Barren Ridge 1 Holdings LLC Power generation USA 50.00 % 28,021 4,466 RE Astoria 2 LandCo LLC Power generation USA 50.00 % 5,188 5,230 RE Barren Ridge LandCo LLC Power generation USA 50.00 % 2,187 1,847 Laurel SpA Power generation Chile 45.00 % 1,222 1,092 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*16) Power generation Australia 12.37 % 4,095 4,129 Chile Solar JV SpA Power generation Chile 50.00 % 37,689 34,883 Taebaek Gadeoksan Wind Power Co., Ltd. Power generation Korea 47.31 % 12,570 13,362 Cheong-Song Noraesan Wind Power Co., Ltd. Power generation Korea 29.01 % 3,200 3,453 Chester Solar I SpA Power generation Chile 45.00 % 1,181 1,621 Solar Philippines Calatagan Corporation Power generation Philippines 38.00 % 47,903 49,017 Saemangeum Solar Power Co., Ltd.(*20) Power generation Korea 81.00 % 26,399 24,292 Chungsongmeon BongSan wind power Co., Ltd.(*16) Power generation Korea 29.00 % 2,900 4,124 Jaeun Resident Wind Power Plant Co., Ltd.(*16) Power generation Korea 29.00 % 2,494 2,195 DE Energia SpA Power generation Chile 49.00 % 8,364 8,187 Dangjin Eco Power Co., Ltd. Power generation Korea 34.00 % 25,661 25,523 Haemodum Solar Co., Ltd. Power generation Korea 49.00 % 2,940 3,065 Yangyang Wind Power Co., Ltd. Power generation Korea 50.00 % 10,800 10,485 Horus Solar, S.A. De C.V.(*21) Renewable power generation Mexico 14.95 % 5,068 3,394 Recursos Solares PV De Mexico II, S.A. De C.V.(*21) Renewable power generation Mexico 14.95 % 3,678 3,660 Sunmex Renovables, S.A. De C.V.(*21) Renewable power generation Mexico 14.95 % 307 240 Stavro Holding II A.B. Holding company Sweden 20.00 % 8,829 9,277 Solaseado Solar Power Co., Ltd. Power generation Korea 38.90 % 7,020 9,915 Yeongam Solar Power Co., Ltd.(*16) Power generation Korea 19.00 % 6,460 6,042 Samsu Wind Power Co., Ltd.(*16) Power generation Korea 19.00 % 2,637 2,607 Pulau Indah Power Plant Sdn. Bhd. Power generation Malaysia 25.00 % 11,569 11,204 Sam-Yang Power generation Korea 49.00 % 5,245 5,535 NH-Amundi Holding company Korea 29.53 % 20,952 22,242 Shin-han Holding company Korea 90.00 % 15,699 16,129 PT Barito Wahana Tenaga Power generation Indonesia 30.61 % 59,395 63,029 Cheongna Energy Co., Ltd.(*20, 22) Generating and distributing vapor and hot/cold water Korea 50.10 % 49,344 4,940 Naepo Green Energy Co., Ltd.(*23) Power generation Korea 29.20 % 29,200 — Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)(*24) Power generation Korea 30.66 % 71,070 — OneEnergy Asia Limited Power generation Vietnam 40.00 % 56,654 56,654 KAS Investment I LLC(*25) Holding company USA 29.89 % 23,437 23,437 KAS Investment II LLC(*25) Holding company USA 29.89 % 23,343 23,343 Energyco LLC Power generation Korea 29.00 % 1,659 1,659 2020 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won CAES, LLC Holding company USA 36.00 % ₩ 19,414 17,626 Hapcheon Floating Photovoltaic Power Plant Inc.(*16) Power generation Korea 19.47 % 1,890 1,890 Busan Industrial Solar Power Co., Ltd. Power generation Korea 28.02 % 510 510 Bitsolar Energy Co., Ltd. Power generation Korea 27.10 % 352 352 1,943,392 1,919,746 ₩ 4,425,153 6,170,533 (*1) The effective percentage of ownership is 22.02% considering treasury stocks. (*2) The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors. (*3) The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity. (*4) The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its significant influence on the entity. (*5) Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component. (*6) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock. (*7) The Company recognized a full impairment loss for the carrying amount of Jinbhuvish Power Generation Pvt. Ltd. before the prior year, due to the Company’s decision to withdraw its business since there are no business activities occurring. (*8) The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate. (*9) The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate. (*10) The effective percentage of ownership is less than 20%. However, the Company considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate. (*11) According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022. (*12) Even though the effective percentage of ownership is more than 50%, the Company does not hold control over the entity as it has less than 50% of decision-making rights. However the Company can exercise significant influence on the entity by participating in the board of directors and others.Therefore the entity is classified as an associate. (*13) It was newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, it is classified as an associate, judging that the Company can exercise significant influence on the entity. (*14) The entities were newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity. (*15) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures. (*16) According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures. (*17) The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement. (*18) The effective percentage of ownership is less than 20%. However, all operation related decisions must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures. (*19) Although the nominal percentage of ownership is 29.00%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component. (*20) The effective percentage of ownership is more than 50%. However, all operation related decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture. (*21) The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Company can exercise significant influence. (*22) The classification of the entity was changed from an associate to a joint venture, due to the additional investment during the year ended December 31, 2020. (*23) The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from an associate to a joint venture, due to the changes in voting rights. (*24) The name of the entity has changed during the current year. According to the Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Company has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture. (*25) The entities were included in the joint ventures due to the new investment during the year ended December 31, 2020. Since the final settlement of the entity was not completed before the Company’s financial statements date, the financial statements of October 7, were used for consolidation. 2021 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG Korea 20.47 % ₩ 94,500 1,815,513 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others Korea 29.00 % 4,727 24,617 YTN Co., Ltd. Broadcasting Korea 21.43 % 59,000 51,828 Gangwon Wind Power Co., Ltd.(*2) Power generation Korea 15.00 % 5,725 10,554 Hyundai Green Power Co., Ltd. Power generation equipment consignment and operation service Korea 29.00 % 88,885 121,955 Korea Power Exchange(*3) Management of power market and others Korea 100.00 % 127,839 269,728 Taebaek Wind Power Co., Ltd. Power generation Korea 25.00 % 3,810 6,800 Taebaek Guinemi Wind Power Co., Ltd. Power generation Korea 25.00 % 3,420 3,357 Pyeongchang Wind Power Co., Ltd. Power generation Korea 25.00 % 3,875 5,411 Daeryun Power Co., Ltd.(*2) Power generation Korea 9.34 % 40,854 25,426 Changjuk Wind Power Co., Ltd. Power generation Korea 30.00 % 3,801 8,355 KNH Solar Co., Ltd. Power generation Korea 27.00 % 1,296 2,278 SPC Power Corporation Power generation Philippines 38.00 % 20,635 65,046 Gemeng International Energy Co., Ltd. Power generation China 34.00 % 413,153 595,218 PT. Cirebon Electric Power Power generation Indonesia 27.50 % 40,365 121,969 KNOC Nigerian East Oil Co., Ltd.(*4) Resources development Nigeria 14.63 % 12 — KNOC Nigerian West Oil Co., Ltd.(*4) Resources development Nigeria 14.63 % 12 — PT Wampu Electric Power Power generation Indonesia 46.00 % 21,292 35,077 PT. Bayan Resources TBK Resources development Indonesia 20.00 % 615,860 661,289 S-Power Power generation Korea 49.00 % 132,300 122,786 Pioneer Gas Power Limited Power generation India 38.50 % 49,831 — Eurasia Energy Holdings Power generation and resources development Russia 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation Laos 25.00 % 87,426 92,441 PT. Mutiara Jawa Manufacturing and operating floating coal terminal Indonesia 29.00 % 2,978 2,569 Samcheok Eco Materials Co., Ltd.(*5) Recycling fly ashes Korea 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation Korea 29.00 % 1,740 3,808 Goseong Green Power Co., Ltd. Power generation Korea 29.00 % 262,740 260,858 Gangneung Eco Power Co., Ltd.(*2) Power generation Korea 1.61 % 2,900 2,288 Shin Pyeongtaek Power Co., Ltd. Power generation Korea 40.00 % 72,000 93,074 Haeng Bok Do Si Photovoltaic Power Co., Ltd. Power generation Korea 28.00 % 194 223 Dongducheon Dream Power Co., Ltd.(*6) Power generation Korea 33.61 % 148,105 74,198 Jinbhuvish Power Generation Pvt. Ltd.(*2) Power generation India 5.16 % 9,000 — Daejung Offshore Wind Power Co., Ltd. Power generation Korea 46.59 % 5,190 1,704 GS Donghae Electric Power Co., Ltd. Power generation Korea 34.00 % 204,000 243,772 Daegu Photovoltaic Co., Ltd. Power generation Korea 29.00 % 1,230 2,342 Busan Green Energy Co., Ltd. Power generation Korea 29.00 % 5,243 5,032 Gunsan Bio Energy Co., Ltd.(*2) Power generation Korea 18.87 % 1,000 — Korea Electric Vehicle Charging Service(*2) Electric vehicle charge service Korea 17.50 % 2,800 1,250 Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) Electric material agency Korea 28.98 % 537 219 Korea Electric Power Corporation Fund(*7) Developing electric enterprises Korea 98.09 % 48,410 47,983 Energy Infra Asset Management Co., Ltd.(*2) Asset management Korea 9.90 % 297 1,066 Daegu clean Energy Co., Ltd. Renewable power generation Korea 28.00 % 140 12 YaksuESS Co., Ltd. Installing ESS related equipment Korea 29.00 % 210 716 Nepal Water & Energy Development Company Private Limited (*8) Construction and operation of utility plant Nepal 69.06 % 70,228 66,333 Gwangyang Green Energy Co., Ltd. Power generation Korea 20.00 % 26,800 25,466 PND Solar Power generation Korea 29.00 % 1,250 1,229 Hyundai Eco Energy Co., Ltd.(*2) Power generation Korea 19.00 % 3,610 5,572 YeongGwang Yaksu Wind Electric Co., Ltd.(*2) Power generation Korea 9.63 % 533 233 Green Energy Electricity Generation Co., Ltd. Power generation Korea 29.00 % 1,189 1,713 Korea Energy Solutions Co., Ltd. R & D Korea 20.00 % 300 123 ITR Co., Ltd. R & D Korea 20.00 % 50 32 Structure test network Co., Ltd. Technical testing and consulting Korea 20.00 % 25 306 Namjeongsusang Solar Power Operation Co., Ltd.(*9) Power generation Korea 15.00 % 969 361 2021 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won Indeck Niles Development, LLC(*10) Power generation USA 56.25 % ₩ 268,113 246,273 Indeck Niles Asset Management, LLC Power generation USA 33.33 % — 111 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 Holding company Korea 49.00 % 7,112 7,138 Suwon New Power Co., Ltd. Power generation Korea 39.90 % 798 1,035 KPGE Inc. Power generation materials business Korea 29.00 % 287 309 Gwangbaek Solar Power Investment Co., Ltd. Power generation Korea 44.00 % 4,757 4,806 Go deok Clean Energy Co., Ltd. Fuel cell generation Korea 40.00 % 5,560 4,302 SureDataLab Co., Ltd. R & D Korea 23.95 % 126 128 SEP Co., Ltd. R & D Korea 21.26 % 27 7 Hankook Electric Power Information Co., Ltd. R & D Korea 25.25 % 38 161 Tronix Co., Ltd. R & D Korea 20.00 % 75 109 O2&B Global Co., Ltd. R & D Korea 20.00 % 25 35 Muan Sunshine Solar Power Plant Co., Ltd. Power generation Korea 20.00 % 1,570 1,268 Bigeum Resident Photovoltaic Power Co., Ltd. Power generation Korea 29.90 % 1 — Goesan Solar Park Co., Ltd. Power generation Korea 29.00 % 1,276 1,927 Saemangeum Heemang Photovoltaic Co., Ltd. Power generation Korea 35.00 % 11,022 10,238 Bitgoel Eco Energy Co., Ltd. Power generation Korea 29.00 % 4,640 4,356 Jeju Gimnyeong Wind Power Co., Ltd. Power generation Korea 30.00 % 714 911 Seoroseoro Sunny Power Plant Co., Ltd. Power generation Korea 42.58 % 706 721 Muan Solar P Power generation Korea 20.00 % 4,400 6,083 YuDang Solar Co., Ltd. Power generation Korea 20.00 % 360 565 Anjwa Smart Farm & Solar City Co., Ltd. Power generation Korea 20.00 % 5,651 6,784 Daewon Green Energy Co., Ltd. Power generation Korea 25.36 % 3,910 3,877 G.GURU Co., Ltd. R & D Korea 24.65 % 493 403 UD4M Co., Ltd.(*2) R & D Korea 12.50 % 75 144 Dongbu Highway Solar Co., Ltd. Power generation Korea 20.00 % 190 265 Seobu Highway Solar Co., Ltd. Power generation Korea 20.00 % 195 289 Korea Energy Data Co., Ltd. R & D Korea 29.37 % 60 62 Gangneung Sacheon Fuel Cell Co., Ltd.(*7) Power generation Korea 65.00 % 1,950 1,878 Kosture Coal recycling business Korea 0.26 % — — Digital Innovation Growth Fund(*7) Holding company Korea 76.92 % 10,000 9,890 Taebaek Gadeoksan Wind Power Co., Ltd.(*18) Power generation Korea 39.65 % 12,570 16,495 Chuncheon Green Energy Co., Ltd.(*7) Power generation Korea 68.00 % 3,400 3,372 Yeomsubong Wind Power Co., Ltd. Power generation Korea 48.72 % 95 95 Yeongyang Wind Power Corporation II Power generation Korea 30.00 % 7,965 7,965 Haeparang Energy Co., Ltd. Power generation Korea 25.00 % 2,241 2,241 Saemangeum Sebit Power Plant Co., Ltd.(*7) Power generation Korea 69.55 % 6,000 6,000 3,059,835 5,232,373 <Joint ventures> KEPCO-Uhde Inc.(*11) Power generation Korea 52.80 % 11,355 58 Shuweihat Asia Power Investment B.V. Holding company Netherlands 49.00 % 44,405 37,069 Shuweihat Asia Operation & Maintenance Company(*11) Maintenance of utility plant Cayman 55.00 % 30 1,380 Waterbury Lake Uranium L.P. Resources development Canada 33.10 % 26,602 21,590 ASM-BG Power generation Bulgaria 50.00 % 16,101 18,692 RES Technology AD Power generation Bulgaria 50.00 % 15,595 16,703 KV Holdings, Inc. Power generation Philippines 40.00 % 2,103 2,527 KEPCO SPC Power Corporation(*11) Construction and operation of utility plant Philippines 75.20 % 94,579 198,979 Gansu Datang Yumen Wind Power Co., Ltd. Power generation China 40.00 % 16,621 6,635 Datang Chifeng Renewable Power Co., Ltd. Power generation China 40.00 % 121,928 204,587 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation China 40.00 % 39,872 44,217 Rabigh Electricity Company Power generation Saudi Arabia 40.00 % 109,743 143,678 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant Saudi Arabia 40.00 % 70 4,071 Jamaica Public Service Company Limited Power generation Jamaica 40.00 % 301,910 294,649 KW Nuclear Components Co., Ltd. Manufacturing Korea 45.00 % 833 15,734 Busan Shinho Solar Power Co., Ltd. Power generation Korea 25.00 % 2,100 5,841 2021 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won Global Trade Of Power System Co., Ltd.(*12) Exporting products and technology of small or medium business by proxy Korea 29.00 % ₩ 290 597 Expressway Solar-light Power Generation Co., Ltd.(*12) Power generation Korea 29.00 % 1,856 3,084 Amman Asia Electric Power Company(*11) Power generation Jordan 60.00 % 111,476 178,679 KAPES, Inc.(*11) R & D Korea 51.00 % 5,629 — Honam Wind Power Co., Ltd. Power generation Korea 29.00 % 3,480 4,041 Korea Power Engineering Service Co., Ltd. Construction and service Korea 29.00 % 290 5,415 Chun-cheon Energy Co., Ltd. Power generation Korea 29.90 % 52,700 25,896 Yeonggwangbaeksu Wind Power Co., Ltd.(*12) Power generation Korea 15.00 % 3,000 2,728 Nghi Son 2 Power LLC Power generation Vietnam 50.00 % 2,781 — Kelar S.A. (*11) Power generation Chile 65.00 % 78,060 86,695 PT. Tanjung Power Indonesia Power generation Indonesia 35.00 % 26,892 46,546 Incheon New Power Co., Ltd.(*13) Power generation Korea 29.00 % 461 — Seokmun Energy Co., Ltd. Power generation Korea 29.00 % 15,370 13,842 Daehan Wind Power PSC Power generation Jordan 50.00 % 7,493 5,154 Barakah One Company(*14) Power generation UAE 18.00 % 118 — Nawah Energy Company(*14) Operation of utility plant UAE 18.00 % 296 294 Momentum International thermonuclear experimental reactor construction management France 33.33 % 1 368 Daegu Green Power Co., Ltd.(*15) Power generation Korea 29.00 % 46,225 24,054 Yeonggwang Wind Power Co., Ltd. Power generation Korea 46.00 % 17,475 17,646 Chester Solar IV SpA Power generation Chile 45.00 % 1,700 — Chester Solar V SpA Power generation Chile 45.00 % 525 25 Diego de Almagro Solar SpA Power generation Chile 45.00 % 2,091 362 South Jamaica Power Company Limited Power generation Jamaica 20.00 % 20,430 37,360 Daesan Green Energy Co., Ltd. Power generation Korea 35.00 % 17,850 21,244 RE Holiday Holdings LLC Power generation USA 50.00 % 42,948 73,167 RE Pioneer Holdings LLC Power generation USA 50.00 % 27,891 47,015 RE Barren Ridge 1 Holdings LLC Power generation USA 50.00 % 28,021 1,883 RE Astoria 2 LandCo LLC Power generation USA 50.00 % 5,188 5,998 RE Barren Ridge LandCo LLC Power generation USA 50.00 % 2,187 2,120 Laurel SpA Power generation Chile 45.00 % 1,222 290 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd.(*12) Power generation Australia 12.37 % 4,095 3,625 Chile Solar JV SpA Power generation Chile 50.00 % 37,689 32,457 Cheong-Song Noraesan Wind Power Co., Ltd. Power generation Korea 29.01 % 3,200 4,106 Chester Solar I SpA Power generation Chile 45.00 % 1,181 1,120 Solar Philippines Calatagan Corporation Power generation Philippines 38.00 % 47,903 58,231 Saemangeum Solar Power Co., Ltd. (*16) Power generation Korea 81.01 % 26,400 23,939 Chungsongmeon BongSan wind power Co., Ltd.(*12) Power generation Korea 29.00 % 2,900 3,808 Jaeun Resident Wind Power Plant Co., Ltd. Power generation Korea 29.00 % 2,494 1,958 DE Energia SpA Power generation Chile 49.00 % 8,364 8,921 Dangjin Eco Power Co., Ltd. Power generation Korea 34.00 % 25,661 26,109 Haemodum Solar Co., Ltd. Power generation Korea 49.00 % 2,940 3,081 Yangyang Wind Power Co., Ltd. Power generation Korea 50.00 % 12,000 11,191 Horus Solar, S.A. De C.V.(*17) Renewable power generation Mexico 14.95 % 5,068 5,842 Recursos Solares PV De Mexico II, S.A. De C.V.(*17) Renewable power generation Mexico 14.95 % 3,678 4,536 Sunmex Renovables, S.A. De C.V.(*17) Renewable power generation Mexico 14.95 % 1,678 1,610 Stavro Holding II A.B. Holding company Sweden 20.00 % 17,615 17,627 Solaseado Solar Power Co., Ltd. Power generation Korea 38.90 % 7,020 9,891 Yeongam Solar Power Co., Ltd.(*12) Power generation Korea 19.00 % 6,460 6,838 Samsu Wind Power Co., Ltd.(*12) Power generation Korea 19.00 % 2,637 2,828 Pulau Indah Power Plant Sdn. Bhd. Power generation Malaysia 25.00 % 23,833 22,099 Sam-Yang Power generation Korea 49.00 % 5,245 4,993 NH-Amundi Holding company Korea 29.53 % 19,983 21,456 Shin-han Holding company Korea 90.00 % 15,699 16,288 2021 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won PT Barito Wahana Tenaga Power generation Indonesia 30.61 % ₩ 59,535 81,595 Cheongna Energy Co., Ltd.(*16) Generating and distributing vapor and hot/cold water Korea 50.10 % 49,344 11,198 Naepo Green Energy Co., Ltd. Power generation Korea 29.20 % 29,200 — Dayone Energy Co., Ltd.(*19) Power generation Korea 30.66 % 71,070 — OneEnergy Asia Limi |
Summary of Fair Value Associates | (2) The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2020 and 2021 are as follows: Investees 2020 2021 In millions of won <Associates> Korea Electric Power Industrial Development Co., Ltd. ₩ 45,048 115,339 Korea Gas Corporation(*) 584,010 738,990 YTN Co., Ltd. 27,000 26,550 SPC Power Corporation 139,698 203,589 PT. Bayan Resources TBK 798,510 1,495,801 (*) An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2020 and 2021 as management determined that the carrying amount of the investment in KOGAS at ₩1,647,325 million and ₩1,815,513 million respectively were significantly higher than its fair value. Accordingly, management has assessed the recoverable amount of the investment by estimating the Company’s share of the present value of the estimated future cash flows expected to be generated by KOGAS. The carrying amount of KOGAS as at December 31, 2020 and 2021 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2020 and 2021. The recoverable amount estimate is most sensitive to assumptions regarding long-term revenue forecasts as well as the discount rate: • Revenue forecasts: price and volume of gas sold are based on the long-term natural gas supply and demand programs approved by the Ministry of Trade, Industry & Energy. • Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows. A real post-tax post-tax Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of KOGAS at future reporting dates. |
Summary of Changes in Investments in Associates and Joint Ventures | (3) Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows: 2020 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 1,693,967 — — (7,182 ) (14,104 ) (25,023 ) (333 ) 1,647,325 Korea Electric Power Industrial Development Co., Ltd. 25,393 — — (2,146 ) 3,806 — (1,423 ) 25,630 YTN Co., Ltd. 39,747 — — (90 ) 1,086 (6 ) (188 ) 40,549 Cheongna Energy Co., Ltd. 1,411 990 — — 2,518 — (4,919 ) — Gangwon Wind Power Co., Ltd. 12,327 — — (1,988 ) 1,104 — — 11,443 Hyundai Green Power Co., Ltd. 124,253 — — (8,889 ) 17,410 — — 132,774 Korea Power Exchange 258,899 — — — 1,860 1 8,362 269,122 Dayone Energy Co., Ltd. — — — — — — — — Ecollite Co., Ltd.(*1) — — — — — — — — Taebaek Wind Power Co., Ltd. 7,039 — — (175 ) (472 ) — — 6,392 Taebaek Guinemi Wind Power Co., Ltd. 2,553 — — — 534 — — 3,087 Pyeongchang Wind Power Co., Ltd. 5,877 — — (813 ) (37 ) — — 5,027 Daeryun Power Co., Ltd. 26,247 — — — 104 — 2 26,353 Changjuk Wind Power Co., Ltd. 8,520 — — (750 ) 97 — — 7,867 KNH Solar Co., Ltd. 2,382 — — — 54 — — 2,436 SPC Power Corporation 63,583 — — (10,764 ) 5,491 11,649 (47 ) 69,912 Gemeng International Energy Co., Ltd. 670,896 — — (11,620 ) 15,965 4,468 (1 ) 679,708 PT. Cirebon Electric Power 123,425 — — (9,782 ) 11,330 434 (7,596 ) 117,811 KNOC Nigerian East Oil Co., Ltd. — — — — (22 ) 671 (649 ) — KNOC Nigerian West Oil Co., Ltd. — — — — (22 ) 617 (595 ) — PT Wampu Electric Power 29,355 — — (1,303 ) 3,245 (1,639 ) (1,793 ) 27,865 PT. Bayan Resources TBK 445,141 — — (15,720 ) 17,139 (21,256 ) (70 ) 425,234 S-Power 115,784 — — — (5,429 ) — (63 ) 110,292 Pioneer Gas Power Limited — — — — — — — — Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 72,935 — — — (2,896 ) (5,469 ) — 64,570 Hadong Mineral Fiber Co., Ltd. — — — — — — — — Green Biomass Co., Ltd. 108 — (108 ) — — — — — PT. Mutiara Jawa 1,438 — — — 459 (117 ) — 1,780 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 6,610 — — — (2,413 ) — — 4,197 Naepo Green Energy Co., Ltd. — — — — (9,789 ) — 9,789 — Goseong Green Power Co., Ltd. 2,340 — — — (154 ) — — 2,186 Gangneung Eco Power Co., Ltd. 2,430 — — — (62 ) — — 2,368 Shin Pyeongtaek Power Co., Ltd. 66,956 — — — 11,877 (3,604 ) (5,638 ) 69,591 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 215 — — — (5 ) — — 210 2020 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won Dongducheon Dream Power Co., Ltd. ₩ 76,547 — — — 4,095 — (5 ) 80,637 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — Daejung Offshore Wind Power Co., Ltd. 2,361 — — — (411 ) — 215 2,165 GS Donghae Electric Power Co., Ltd. 255,983 — — (25,796 ) 14,265 — (26 ) 244,426 Daegu Photovoltaic Co., Ltd. 2,060 — — (325 ) 331 — — 2,066 Busan Green Energy Co., Ltd. 10,637 — — — (1,862 ) — 3 8,778 Gunsan Bio Energy Co., Ltd. — — — — — — — — Korea Electric Vehicle Charging Service 1,063 — — — (491 ) — 4 576 Korea Nuclear Partners Co., Ltd. — 247 — — (43 ) (4 ) — 200 Korea Electric Power Corporation Fund 41,126 — — — (908 ) 1,708 — 41,926 Energy Infra Asset Management Co., Ltd. 791 — — — 147 — — 938 Daegu clean Energy Co., Ltd. 13 — — — (1 ) — — 12 YaksuESS Co., Ltd. 516 — — — (62 ) — — 454 Nepal Water & Energy Development Company Private Limited 31,145 14,697 — — (1,699 ) (1,466 ) — 42,677 Gwangyang Green Energy Co., Ltd. 948 — — — (22 ) — — 926 PND Solar 1,144 — — — 5 — — 1,149 Hyundai Eco Energy Co., Ltd. 3,781 — — — 469 — — 4,250 YeongGwang Yaksu Wind Electric Co., Ltd. 386 — — — (74 ) — — 312 Green Energy Electricity Generation Co., Ltd. 163 — — — (138 ) — — 25 Korea Energy Solutions Co., Ltd. 259 — — — (62 ) — — 197 ITR Co., Ltd. 33 — — — 7 — — 40 Structure test network Co., Ltd. 21 — — — 6 — — 27 Namjeongsusang Solar Power Operation Co., Ltd. 812 — — — (709 ) — — 103 Indeck Niles Development, LLC — 45,562 — — (13,344 ) (9,846 ) (1,745 ) 20,627 Indeck Niles Asset Management, LLC 87 — — (539 ) 559 — (6 ) 101 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 7,126 294 (99 ) (291 ) 296 — — 7,326 Suwon New Power Co., Ltd. 798 — — — 256 — — 1,054 KPGE Inc. 287 — — — — — — 287 Gwangbaek Solar Power Investment Co., Ltd. 2,054 2,703 — — (75 ) — — 4,682 Go deok Clean Energy Co., Ltd. 1,830 — — — (843 ) (27 ) — 960 SureDataLab Co., Ltd. — 126 — — (41 ) — — 85 SEP Co., Ltd. — 27 — — (13 ) — — 14 Hankook Electric Power Information Co., Ltd. — 38 — — 101 — — 139 Tronix Co., Ltd. — 75 — — 44 — — 119 O2&B Global Co., Ltd. — 25 — — (3 ) — — 22 Muan Sunshine Solar Power Plant Co., Ltd. — 79 — — (475 ) — 1,492 1,096 Bigeum Resident Photovoltaic Power Co., Ltd. — — — — — — — — Jeju SolarOne Co., Ltd. — 161 — — — (2 ) — 159 Energy Innovation Fund I — 4,000 — (2 ) (159 ) — (3,839 ) — Goesan Solar Park Co., Ltd. — 1,276 — — 408 — — 1,684 Saemangeum Heemang Photovoltaic Co., Ltd. — 11,022 — — — — — 11,022 Bitgoel Eco Energy Co., Ltd. — 29 — — — — — 29 Jeju Gimnyeong Wind Power Co., Ltd. — 714 — — 864 — — 1,578 2020 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won Seoroseoro Sunny Power Plant Co., Ltd. ₩ — 230 — — — — — 230 Muan Solar Park — 4,180 — — — — — 4,180 YuDang Solar Co., Ltd. — 360 — — — — — 360 Anjwa Smart Farm & Solar City Co., Ltd. — 5,510 — — — — — 5,510 Daewon Green Energy Co., Ltd. — 3,910 — — — — — 3,910 4,251,802 96,255 (207 ) (98,175 ) 59,092 (48,911 ) (9,069 ) 4,250,787 <Joint ventures> KEPCO-Uhde Inc. 134 — — — (34 ) — — 100 Shuweihat Asia Power Investment B.V. 18,318 — — (4,337 ) 5,919 (6,636 ) — 13,264 Shuweihat Asia Operation & Maintenance Company 1,408 — — (922 ) 1,074 (503 ) — 1,057 Waterbury Lake Uranium L.P. 20,562 — — — 4 (769 ) — 19,797 ASM-BG 19,376 — — (4,206 ) 2,575 455 — 18,200 RES Technology AD 16,248 — — (1,981 ) 1,051 612 — 15,930 KV Holdings, Inc. 2,441 — — (617 ) 580 1 — 2,405 KEPCO SPC Power Corporation 214,794 — — (48,486 ) 48,479 (12,995 ) (129 ) 201,663 Gansu Datang Yumen Wind Power Co., Ltd. 8,149 — — — (1,718 ) 99 — 6,530 Datang Chifeng Renewable Power Co., Ltd. 185,307 — — (13,453 ) 15,317 1,307 — 188,478 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 41,024 — — — 1,231 275 — 42,530 Rabigh Electricity Company 109,096 — — (14,956 ) 25,474 (22,458 ) 1 97,157 Rabigh Operation & Maintenance Company Limited 6,879 — — (5,340 ) 2,788 (514 ) — 3,813 Jamaica Public Service Company Limited 253,607 — — (4,352 ) 24,669 (10,891 ) 3,188 266,221 KW Nuclear Components Co., Ltd. 9,052 — — (833 ) 2,952 — — 11,171 Busan Shinho Solar Power Co., Ltd. 5,045 — — (330 ) 663 — — 5,378 Global Trade Of Power System Co., Ltd. 571 — — — (25 ) — — 546 Expressway Solar-light Power Generation Co., Ltd. 2,883 — — — 13 — — 2,896 Amman Asia Electric Power Company 192,164 — — (28,281 ) 20,165 (22,795 ) — 161,253 KAPES, Inc. 10,832 — — — (10,806 ) — (26 ) — Honam Wind Power Co., Ltd. 4,375 — — (435 ) (53 ) — — 3,887 Jeongam Wind Power Co., Ltd. 4,437 — — — 183 — — 4,620 Korea Power Engineering Service Co., Ltd. 4,902 — — — 446 — 14 5,362 Chun-cheon Energy Co., Ltd. 34,872 — — — (7,354 ) — — 27,518 Yeonggwangbaeksu Wind Power Co., Ltd. 3,040 — — — 84 — — 3,124 Nghi Son 2 Power LLC — — — — — — — — Kelar S.A. 70,462 — — — 14,864 (9,186 ) (4,691 ) 71,449 PT. Tanjung Power Indonesia 34,327 — — — 7,522 (9,220 ) 434 33,063 Incheon New Power Co., Ltd. — — — — — — — — Seokmun Energy Co., Ltd. 17,342 — — — (2,528 ) — — 14,814 Daehan Wind Power PSC 1,757 4,302 — — (626 ) (5,433 ) — — Barakah One Company — — — — — — — — Nawah Energy Company 285 — — — 2 (17 ) — 270 Momentum 553 — — (404 ) 399 17 — 565 Daegu Green Power Co., Ltd. 22,824 — — — 128 — 93 23,045 Yeonggwang Wind Power Co., Ltd. 17,627 — — — (371 ) — — 17,256 Chester Solar IV SpA 672 — — — 389 80 (77 ) 1,064 Chester Solar V SpA 146 — — — 135 17 (21 ) 277 Diego de Almagro Solar SpA 1,035 — — — 455 107 (107 ) 1,490 South Jamaica Power Company Limited 13,863 — — — 20,468 (2,432 ) (2 ) 31,897 Daesan Green Energy Co., Ltd. 17,182 — — — 5,371 — (1 ) 22,552 2020 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won RE Holiday Holdings LLC ₩ 42,070 — — — 33,072 (6,333 ) — 68,809 RE Pioneer Holdings LLC 31,156 — — (1,246 ) 24,466 (4,737 ) — 49,639 RE Barren Ridge 1 Holdings LLC 42,916 — — (872 ) (35,735 ) (1,843 ) — 4,466 RE Astoria 2 LandCo LLC 5,602 — — (249 ) 210 (333 ) — 5,230 RE Barren Ridge LandCo LLC 1,966 — — (95 ) 95 (119 ) — 1,847 Laurel SpA 595 — — — 498 80 (81 ) 1,092 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 4,024 — — — (24 ) 129 — 4,129 Chile Solar JV SpA 34,859 — — — 187 (163 ) — 34,883 Taebaek Gadeoksan Wind Power Co., Ltd. 7,846 4,070 — — 1,468 (22 ) — 13,362 Cheong-Song Noraesan Wind Power Co., Ltd. 3,043 — — — 409 — 1 3,453 Chester Solar I SpA 1,157 — — — 472 107 (115 ) 1,621 Solar Philippines Calatagan Corporation 48,930 — — (6,439 ) 6,745 (219 ) — 49,017 Saemangeum Solar Power Co., Ltd. 8,324 16,399 — — (431 ) — — 24,292 Chungsongmeon BongSan wind power Co., Ltd. 2,764 — — — (232 ) 1,592 — 4,124 Jaeun Resident Wind Power Plant Co., Ltd. 2,198 — — — (3 ) — — 2,195 DE Energia SpA 8,665 — — — 506 572 (1,556 ) 8,187 Dangjin Eco Power Co., Ltd. 25,661 — — — 96 (237 ) 3 25,523 Haemodum Solar Co., Ltd. 2,940 — — — 140 (15 ) — 3,065 Yangyang Wind Power Co., Ltd. 10,800 — — — (286 ) (29 ) — 10,485 Horus Solar, S.A. DE C.V. 3,403 1,665 — — (1,985 ) 311 — 3,394 Recursos Solares PV De Mexico II, S.A. De C.V. 672 3,006 — — 36 (54 ) — 3,660 Sunmex Renovables, S.A. De C.V. 222 85 — — (46 ) (21 ) — 240 Stavro Holding II A.B. 5,625 3,305 — — (156 ) 346 157 9,277 Solaseado Solar Power Co., Ltd. — 7,020 — — 2,895 — — 9,915 Yeongam Solar Power Co., Ltd. — 6,460 — — (418 ) — — 6,042 Samsu Wind Power Co., Ltd. — 2,637 — — (30 ) — — 2,607 Pulau Indah Power Plant Sdn. Bhd. — 11,569 — — (144 ) (221 ) — 11,204 Sam-Yang — 5,245 — — 290 — — 5,535 NH-Amundi — 20,952 — (1,388 ) 2,678 — — 22,242 Shin-han — 15,699 — — 430 — — 16,129 PT Barito Wahana Tenaga — 59,395 — — 4,923 (1,289 ) — 63,029 Cheongna Energy Co., Ltd. — — — — 21 — 4,919 4,940 Naepo Green Energy Co., Ltd. — — — — — — — — Dayone Energy Co., Ltd. — — — — — — — — OneEnergy Asia Limited — 56,654 — — — — — 56,654 KAS Investment I LLC — 23,437 — — — — — 23,437 KAS Investment II LLC — 23,343 — — — — — 23,343 Energyco LLC — 1,659 — — — — — 1,659 CAES, LLC — 19,414 — (297 ) — — (1,491 ) 17,626 Hapcheon Floating Photovoltaic Power Plant Inc. — 1,890 — — — — — 1,890 Busan Industrial Solar Power Co., Ltd. — 510 — — — — — 510 Bitsolar Energy Co., Ltd. — 352 — — — — — 352 1,663,029 289,068 — (139,519 ) 220,032 (113,377 ) 513 1,919,746 ₩ 5,914,831 385,323 (207 ) (237,694 ) 279,124 (162,288 ) (8,556 ) 6,170,533 (*1) The Company recognized a impairment loss for the carrying amount of Ecollite Co., Ltd. during the prior period due to the suspension of operating activities. Ecollite Co., Ltd. has been removed from associates since it is under the process of liquidation as of December 31, 2020. 2021 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 1,647,325 — — — 209,357 13,017 (54,186 ) 1,815,513 Korea Electric Power Industrial Development Co., Ltd. 25,630 — — (1,966 ) 378 — 575 24,617 YTN Co., Ltd. 40,549 — — (270 ) 11,192 22 335 51,828 Gangwon Wind Power Co., Ltd. 11,443 — — (1,703 ) 814 — — 10,554 Hyundai Green Power Co., Ltd. 132,774 — — (8,888 ) (562 ) (1,346 ) (23 ) 121,955 Korea Power Exchange 269,122 — — — (10 ) — 616 269,728 Taebaek Wind Power Co., Ltd. 6,392 — — — 408 — — 6,800 Taebaek Guinemi Wind Power Co., Ltd. 3,087 — — — 270 — — 3,357 Pyeongchang Wind Power Co., Ltd. 5,027 — — — 384 — — 5,411 Daeryun Power Co., Ltd. 26,353 — — — (927 ) — — 25,426 Changjuk Wind Power Co., Ltd. 7,867 — — (449 ) 937 — — 8,355 KNH Solar Co., Ltd. 2,436 — — — (158 ) — — 2,278 SPC Power Corporation 69,912 — — (20,468 ) 5,311 10,291 — 65,046 Gemeng International Energy Co., Ltd. 679,708 — — (11,886 ) (154,930 ) 82,326 — 595,218 PT. Cirebon Electric Power 117,811 — — (18,253 ) 10,679 1,396 10,336 121,969 KNOC Nigerian East Oil Co., Ltd. — — — — (14 ) (938 ) 952 — KNOC Nigerian West Oil Co., Ltd. — — — — (15 ) (862 ) 877 — PT Wampu Electric Power 27,865 — — — 3,196 1,355 2,661 35,077 PT. Bayan Resources TBK 425,234 — — (68,666 ) 267,874 36,885 (38 ) 661,289 S-Power 110,292 — — — 12,437 57 — 122,786 Pioneer Gas Power Limited — — — — — — — — Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 64,570 — — — 19,306 8,565 — 92,441 Hadong Mineral Fiber Co., Ltd. — — — — — — — — PT. Mutiara Jawa 1,780 — — — 630 159 — 2,569 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 4,197 — — — (389 ) — — 3,808 Goseong Green Power Co., Ltd. 2,186 259,840 — — (1,168 ) — — 260,858 Gangneung Eco Power Co., Ltd. 2,368 — — — (80 ) — — 2,288 Shin Pyeongtaek Power Co., Ltd. 69,591 — — — 23,476 — 7 93,074 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 210 — — — 13 — — 223 Dongducheon Dream Power Co., Ltd. 80,637 — — — (6,439 ) — — 74,198 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — Daejung Offshore Wind Power Co., Ltd. 2,165 — — — (461 ) — — 1,704 GS Donghae Electric Power Co., Ltd. 244,426 — — (15,640 ) 14,972 — 14 243,772 Daegu Photovoltaic Co., Ltd. 2,066 — — (206 ) 482 — — 2,342 Busan Green Energy Co., Ltd. 8,778 — — — (3,750 ) — 4 5,032 Gunsan Bio Energy Co., Ltd. — — — — — — — — Korea Electric Vehicle Charging Service 576 — — — (283 ) — 957 1,250 Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) 200 — — — 19 — — 219 Korea Electric Power Corporation Fund 41,926 — (3,090 ) — 9,065 82 — 47,983 Energy Infra Asset Management Co., Ltd. 938 — — — 128 — — 1,066 Daegu clean Energy Co., Ltd. 12 — — — — — — 12 YaksuESS Co., Ltd. 454 — — — 262 — — 716 Nepal Water & Energy Development Company Private Limited 42,677 19,960 — — (616 ) 4,312 — 66,333 Gwangyang Green Energy Co., Ltd. 926 24,800 — — (138 ) (122 ) — 25,466 PND Solar 1,149 — — — 80 — — 1,229 Hyundai Eco Energy Co., Ltd. 4,250 — — — 1,322 — — 5,572 YeongGwang Yaksu Wind Electric Co., Ltd. 312 — — — (79 ) — — 233 Green Energy Electricity Generation Co., Ltd. 25 — — — 1,688 — — 1,713 Korea Energy Solutions Co., Ltd. 197 — — — (74 ) — — 123 ITR Co., Ltd. 40 — — — (8 ) — — 32 Structure test network Co., Ltd. 27 — — — 279 — — 306 Namjeongsusang Solar Power Operation Co., Ltd. 103 — — — 258 — — 361 Indeck Niles Development, LLC 20,627 222,551 — — (13,160 ) 6,652 9,603 246,273 Indeck Niles Asset Management, LLC 101 — — — 567 — (557 ) 111 2021 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 ₩ 7,326 — (188 ) — 399 — (399 ) 7,138 Suwon New Power Co., Ltd. 1,054 — — — (5 ) (14 ) — 1,035 KPGE Inc. 287 — — — 22 — — 309 Gwangbaek Solar Power Investment Co., Ltd. 4,682 — — — 124 — — 4,806 Go deok Clean Energy Co., Ltd. 960 3,730 — — (333 ) (55 ) — 4,302 SureDataLab Co., Ltd. 85 — — — 43 — — 128 SEP Co., Ltd. 14 — — — (7 ) — — 7 Hankook Electric Power Information Co., Ltd. 139 — — — 22 — — 161 Tronix Co., Ltd. 119 — — — (10 ) — — 109 O2&B Global Co., Ltd. 22 — — — 13 — — 35 Muan Sunshine Solar Power Plant Co., Ltd. 1,096 — — — 172 — — 1,268 Bigeum Resident Photovoltaic Power Co., Ltd. — — — — — — — — Jeju SolarOne Co., Ltd. 159 45 (206 ) — (1 ) — 3 — Goesan Solar Park Co., Ltd. 1,684 — — — 249 (6 ) — 1,927 Saemangeum Heemang Photovoltaic Co., Ltd. 11,022 — — — (784 ) — — 10,238 Bitgoel Eco Energy Co., Ltd. 29 4,611 — — (261 ) (23 ) — 4,356 Jeju Gimnyeong Wind Power Co., Ltd. 1,578 — — — (665 ) (2 ) — 911 Seoroseoro Sunny Power Plant Co., Ltd. 230 476 — — 15 — — 721 Muan Solar Park 4,180 220 — — 1,683 — — 6,083 YuDang Solar Co., Ltd. 360 — — — 205 — — 565 Anjwa Smart Farm & Solar City Co., Ltd. 5,510 141 — — 1,133 — — 6,784 Daewon Green Energy Co., Ltd. 3,910 — — — (33 ) — — 3,877 G.GURU Co., Ltd. — 493 — — (90 ) — — 403 UD4M Co., Ltd. — 75 — — 217 — (148 ) 144 Dongbu Highway Solar Co., Ltd. — — — — 74 — 191 265 Seobu Highway Solar Co., Ltd. — — — — 94 — 195 289 Korea Energy Data Co., Ltd. — 60 — — 2 — — 62 Gangneung Sacheon Fuel Cell Co., Ltd. — 1,950 — — (72 ) — — 1,878 Kosture — — — — — — — — Digital Innovation Growth Fund — 10,000 — — (110 ) — — 9,890 Taebaek Gadeoksan Wind Power Co., Ltd. — — — — 2,532 — 13,963 16,495 Chuncheon Green Energy Co., Ltd. — 3,400 — — (28 ) — — 3,372 Yeomsubong Wind Power Co., Ltd. — 95 — — — — — 95 Yeongyang Wind Power Corporation II — 7,965 — — — — — 7,965 Haeparang Energy Co., Ltd. — 2,241 — — — — — 2,241 Saemangeum Sebit Power Plant Co., Ltd. — 6,000 — — — — — 6,000 4,250,787 568,653 (3,484 ) (148,395 ) 417,123 161,751 (14,062 ) 5,232,373 2021 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> KEPCO-Uhde Inc. ₩ 100 — — — (42 ) — — 58 Shuweihat Asia Power Investment B.V. 13,264 — — (2,467 ) 4,564 21,708 — 37,069 Shuweihat Asia Operation & Maintenance Company 1,057 — — (881 ) 1,101 103 — 1,380 Waterbury Lake Uranium L.P. 19,797 — — — — 1,793 — 21,590 ASM-BG 18,200 — — (2,703 ) 2,700 495 — 18,692 RES Technology AD 15,930 — — (676 ) 1,116 333 — 16,703 KV Holdings, Inc. 2,405 — — (901 ) 962 61 — 2,527 KEPCO SPC Power Corporation 201,663 — — (35,763 ) 37,073 (3,994 ) — 198,979 Gansu Datang Yumen Wind Power Co., Ltd. 6,530 — — — (619 ) 724 — 6,635 Datang Chifeng Renewable Power Co., Ltd. 188,478 — — (14,191 ) 9,342 20,958 — 204,587 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 42,530 — — (2,884 ) 1,562 3,009 — 44,217 Rabigh Electricity Company 97,157 — — (7,221 ) 17,896 35,846 — 143,678 Rabigh Operation & Maintenance Company Limited 3,813 — — (4,085 ) 3,489 854 — 4,071 Jamaica Public Service Company Limited 266,221 — — (4,578 ) 12,963 23,820 (3,777 ) 294,649 KW Nuclear Components Co., Ltd. 11,171 — — (833 ) 5,396 — — 15,734 Busan Shinho Solar Power Co., Ltd. 5,378 — — (352 ) 815 — — 5,841 Global Trade Of Power System Co., Ltd. 546 — — — 51 — — 597 Expressway Solar-light Power Generation Co., Ltd. 2,896 — — — 188 — — 3,084 Amman Asia Electric Power Company 161,253 — — (27,428 ) 18,487 26,367 — 178,679 KAPES, Inc. — — — — — — — — Honam Wind Power Co., Ltd. 3,887 — — — 154 — — 4,041 Jeongam Wind Power Co., Ltd. 4,620 5,808 (10,741 ) — 313 — — — Korea Power Engineering Service Co., Ltd. 5,362 — — — 206 — (153 ) 5,415 Chun-cheon Energy Co., Ltd. 27,518 — — — (1,622 ) — — 25,896 Yeonggwangbaeksu Wind Power Co., Ltd. 3,124 — — — (396 ) — — 2,728 Nghi Son 2 Power LLC — — — — — — — — Kelar S.A. 71,449 — — — 2,121 6,416 6,709 86,695 PT. Tanjung Power Indonesia 33,063 — — — 5,027 9,029 (573 ) 46,546 Incheon New Power Co., Ltd. — — — — — — — — Seokmun Energy Co., Ltd. 14,814 — — — (972 ) — — 13,842 Daehan Wind Power PSC — — — — 3,791 1,363 — 5,154 Barakah One Company — — — — — — — — Nawah Energy Company 270 — — — — 24 — 294 Momentum 565 — — (569 ) 368 4 — 368 Daegu Green Power Co., Ltd. 23,045 — — — 982 — 27 24,054 Yeonggwang Wind Power Co., Ltd. 17,256 — — — 390 — — 17,646 Chester Solar IV SpA 1,064 — — — (1,083 ) (36 ) 55 — Chester Solar V SpA 277 — — — (269 ) 2 15 25 Diego de Almagro Solar SpA 1,490 — — — (1,095 ) (123 ) 90 362 South Jamaica Power Company Limited 31,897 — — — 2,515 2,949 (1 ) 37,360 Daesan Green Energy Co., Ltd. 22,552 — — — (1,308 ) — — 21,244 RE Holiday Holdings LLC 68,809 — — (9,577 ) 6,299 7,636 — 73,167 RE Pioneer Holdings LLC 49,639 — — (14,199 ) 5,556 6,019 — 47,015 RE Barren Ridge 1 Holdings LLC 4,466 — — (1,365 ) (3,162 ) 1,944 — 1,883 RE Astoria 2 LandCo LLC 5,230 — — (337 ) 619 486 — 5,998 RE Barren Ridge LandCo LLC 1,847 — — (140 ) 240 173 — 2,120 Laurel SpA 1,092 — — — (798 ) (71 ) 67 290 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 4,129 — — — (111 ) (393 ) — 3,625 Chile Solar JV SpA 34,883 — — — 831 (3,257 ) — 32,457 Cheong-Song Noraesan Wind Power Co., Ltd. 3,453 — — — 653 — — 4,106 Chester Solar I SpA 1,621 — — — (430 ) (195 ) 124 1,120 Solar Philippines Calatagan Corporation 49,017 — — (5,961 ) 5,961 9,214 — 58,231 Saemangeum Solar Power Co., Ltd. 24,292 1 — — (354 ) — — 23,939 2021 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won Chungsongmeon BongSan wind power Co., Ltd. ₩ 4,124 — — — (316 ) — — 3,808 Jaeun Resident Wind Power Plant Co., Ltd. 2,195 — — — (237 ) — — 1,958 DE Energia SpA 8,187 — — — — 734 — 8,921 Dangjin Eco Power Co., Ltd. 25,523 — — — 274 312 — 26,109 Haemodum Solar Co., Ltd. 3,065 — — — 16 — — 3,081 Yangyang Wind Power Co., Ltd. 10,485 1,200 — — (488 ) (6 ) — 11,191 Horus Solar, S.A. De C.V. 3,394 — — — 2,396 52 — 5,842 Recursos Solares PV De Mexico II, S.A. DE C.V. 3,660 — — — 766 110 — 4,536 Sunmex Renovables, S.A. De C.V. 240 1,371 — — (49 ) 48 — 1,610 Stavro Holding II A.B. 9,277 8,684 — — (55 ) (271 ) (8 ) 17,627 Solaseado Solar Power Co., Ltd. 9,915 — — — (24 ) — — 9,891 Yeongam Solar Power Co., Ltd. 6,042 — — — 796 — — 6,838 Samsu Wind Power Co., Ltd. 2,607 — — — 221 — — 2,828 Pulau Indah Power Plant Sdn. Bhd. 11,204 12,264 — — (519 ) (850 ) — 22,099 Sam-Yang 5,535 — — — (542 ) — — 4,993 NH-Amundi 22,242 — (969 ) (1,727 ) 1,910 — — 21,456 Shin-han 16,129 — — — 159 — — 16,288 PT Barito Wahana Tenaga 63,029 140 — — 4,194 14,232 — 81,595 Cheongna Energy Co., Ltd. 4,940 — — — 6,258 — — 11,198 Naepo Green Energy Co., Ltd. — — — — — — — — Dayone Energy Co., Ltd. — — — — — — — — OneEnergy Asia Limited 56,654 20,262 — — (1,138 ) 3,922 — 79,700 KAS Investment I LLC 23,437 — — — (6,876 ) (1,288 ) — 15,273 KAS Investment II LLC 23,343 — — — (6,515 ) (1,615 ) — 15,213 Energyco Co., Ltd. (formerly, Energyco LLC) 1,659 — — — (60 ) (64 ) — 1,535 CAES, LLC 17,626 — — (1,009 ) (331 ) 850 1,299 18,435 Hapcheon Floating Photovoltaic Power Plant Inc. 1,890 5,622 — — (541 ) — — 6,971 Busan Industrial Solar Power Co., Ltd. 510 — — — 102 — — 612 Bitsolar Energy Co., Ltd. 352 — — — — — — 352 Pulau Indah O&M Sdn. Bhd. — — — — — — — — Guadalupe Solar SpA — 1,397 — — (672 ) (66 ) — 659 Omisan Wind Power Co., Ltd. — 10,752 — — (119 ) — — 10,633 Foresight Iberian Solar Group Holding, S.L. — — — — 72 — 9,671 9,743 Yeongwol Eco Wind Co., Ltd. — 3,089 — — 122 (15 ) — 3,196 Gurae Resident Power Co., Ltd. — 386 — — 12 (3 ) — 395 Cheongju Eco Park Co., Ltd. — 5,858 — — (393 ) — — 5,465 Enel X Midland Photovoltaic, LLC — 1,695 — — (7 ) — — 1,688 Geumsungsan Wind Power Co., Ltd. — 6,531 — — (478 ) — — 6,053 KEPCO KPS Carabao — 93 — — 293 — — 386 Prime Swedish Holding AB — 8,155 — — 22 1,060 6,204 15,441 Taebaek Gadeoksan Wind Power Co., Ltd. 13,362 — — — 762 — (14,124 ) — Goheung New Energy Co., Ltd. — 12,959 — — (1,251 ) — — 11,708 Gunsan Land Solar Co., Ltd. — 19,091 — — 324 (98 ) — 19,317 CapMan Lynx SCA, SICAR — 9,601 — — 375 — — 9,976 International Offshore Power Transmission Holding Company Limited — — — — — — — — 1,919,746 134,959 (11,710 ) (139,847 ) 139,933 190,305 5,625 2,239,011 ₩ 6,170,533 703,612 (15,194 ) (288,242 ) 557,056 352,056 (8,437 ) 7,471,384 |
Summary of Financial Information of Associates and Joint Ventures | (4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows: 2020 Investees Total assets Total liabilities Sales Profit (loss) for the period In millions of won <Associates> Korea Gas Corporation(*1) ₩ 35,909,775 28,174,619 20,833,722 (172,060 ) Korea Electric Power Industrial Development Co., Ltd. 164,015 75,636 297,962 16,284 YTN Co., Ltd. 295,151 105,923 126,730 7,095 Gangwon Wind Power Co., Ltd. 77,297 1,336 23,350 7,472 Hyundai Green Power Co., Ltd. 874,574 416,732 390,442 55,591 Korea Power Exchange 337,577 68,455 104,698 979 Taebaek Wind Power Co., Ltd. 28,048 2,480 4,364 (561 ) Taebaek Guinemi Wind Power Co., Ltd. 44,434 32,085 5,023 1,368 Pyeongchang Wind Power Co., Ltd. 72,713 52,606 8,387 (154 ) Daeryun Power Co., Ltd. 789,277 498,346 126,343 1,941 Changjuk Wind Power Co., Ltd. 27,515 1,292 4,777 656 KNH Solar Co., Ltd. 18,240 9,219 3,564 728 SPC Power Corporation 255,462 17,705 47,091 39,677 Gemeng International Energy Co., Ltd. 7,427,157 5,428,013 1,955,707 64,077 PT. Cirebon Electric Power 730,020 301,615 246,014 40,676 KNOC Nigerian East Oil Co., Ltd. 22,215 93,736 — (142 ) KNOC Nigerian West Oil Co., Ltd. 23,999 89,739 — (142 ) PT Wampu Electric Power 199,841 139,264 20,265 7,372 PT. Bayan Resources TBK 1,544,875 795,131 1,646,390 219,406 S-Power 782,561 554,393 421,519 (10,805 ) Pioneer Gas Power Limited 260,344 359,790 — (44,568 ) Eurasia Energy Holdings 556 993 — — Xe-Pian Xe-Namnoy 1,138,994 876,336 140,069 (11,318 ) Hadong Mineral Fiber Co., Ltd. 203 231 — — PT. Mutiara Jawa 23,061 16,923 7,946 2,523 Samcheok Eco Materials Co., Ltd. 24,024 598 10,483 23 Noeul Green Energy Co., Ltd. 116,929 102,457 27,486 (8,303 ) Goseong Green Power Co., Ltd. 4,559,480 4,351,119 — (12,280 ) Gangneung Eco Power Co., Ltd. 2,630,752 2,475,848 — (3,623 ) Shin Pyeongtaek Power Co., Ltd. 1,020,650 814,369 520,468 32,002 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 2,001 1,258 387 (11 ) Dongducheon Dream Power Co., Ltd. 1,374,640 1,095,926 524,890 10,982 Jinbhuvish Power Generation Pvt. Ltd. 58,699 12,122 — — Daejung Offshore Wind Power Co., Ltd. 6,281 1,634 — (810 ) GS Donghae Electric Power Co., Ltd. 2,174,835 1,455,935 685,579 41,955 Daegu Photovoltaic Co., Ltd. 13,843 6,718 3,343 1,149 Busan Green Energy Co., Ltd. 170,261 139,995 40,241 (6,422 ) Gunsan Bio Energy Co., Ltd. 9,340 28,322 — (1,501 ) Korea Electric Vehicle Charging Service 8,173 6,116 10,807 (1,756 ) Korea Nuclear Partners Co., Ltd. 1,350 105 1,062 (150 ) Korea Electric Power Corporation Fund 42,988 249 82 (730 ) Energy Infra Asset Management Co., Ltd. 10,424 946 5,130 1,488 Daegu clean Energy Co., Ltd. 368 324 — (1 ) Yaksu ESS Co., Ltd. 6,584 5,022 217 (212 ) Nepal Water & Energy Development Company Private Limited 109,321 41,093 — (444 ) Gwangyang Green Energy Co., Ltd. 28,634 24,095 — (113 ) PND Solar 38,997 35,566 5,129 (121 ) Hyundai Eco Energy Co., Ltd. 195,040 173,800 24,166 4,280 YeongGwang Yaksu Wind Electric Co., Ltd. 43,039 42,915 5,802 (637 ) Green Energy Electricity Generation Co., Ltd. 53,934 56,533 — (920 ) Korea Energy Solutions Co., Ltd. 1,009 25 78 (280 ) ITR Co., Ltd. 418 220 153 (66 ) Structure test network Co., Ltd. 101 234 99 27 Namjeongsusang Solar Power Operation Co., Ltd. 63,041 62,488 1,128 (4,655 ) Indeck Niles Development, LLC 772,124 738,826 — (29,392 ) Indeck Niles Asset Management, LLC 314 11 2,272 1,139 2020 Investees Total assets Total liabilities Sales Profit (loss) for the period In millions of won Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 ₩ 15,157 206 634 603 Suwon New Power Co., Ltd. 1,974 8 — — KPGE Inc. 1,021 32 354 5 Gwangbaek Solar Power Investment Co., Ltd. 339,223 329,298 13,192 (329 ) Go deok Clean Energy Co., Ltd. 1,639 65 — (1,382 ) SureDataLab Co., Ltd. 400 47 303 (108 ) SEP Co., Ltd. 164 100 — (63 ) Hankook Electric Power Information Co., Ltd. 1,163 613 1,208 390 Tronix Co., Ltd. 942 349 2,030 (6 ) O2&B Global Co., Ltd. 233 125 285 (57 ) Muan Sunshine Solar Power Plant Co., Ltd. 147,908 144,898 6,017 (2,365 ) Bigeum Resident Photovoltaic Power Co., Ltd. 11,164 11,551 — (309 ) Jeju SolarOne Co., Ltd. 1,608 14 — (4 ) Goesan Solar Park Co., Ltd. 56,332 50,524 2,809 (262 ) Saemangeum Heemang Photovoltaic Co., Ltd. 35,447 6,070 — (1,943 ) Bitgoel Eco Energy Co., Ltd. 100 — — — Jeju Gimnyeong Wind Power Co., Ltd. 72,557 67,297 8,927 (1,576 ) Seoroseoro Sunny Power Plant Co., Ltd. 1,182 — — — Muan Solar Park Co., Ltd. 245,431 225,057 14,359 (966 ) YuDang Solar Co., Ltd. 23,360 20,876 1,611 686 Anjwa Smart Farm & Solar City Co., Ltd. 295,570 271,396 1,900 (1,684 ) Daewon Green Energy Co., Ltd. 15,370 122 — (93 ) <Joint ventures> KEPCO-Uhde Inc. 208 11 — (66 ) Shuweihat Asia Power Investment B.V. 27,073 4 — 12,080 Shuweihat Asia Operation & Maintenance Company 1,960 38 2,689 1,953 Waterbury Lake Uranium L.P. 59,885 77 — — ASM-BG 80,261 43,861 13,355 5,150 RES Technology AD 67,232 35,372 8,381 2,102 KV Holdings, Inc. 6,013 — 27 1,449 KEPCO SPC Power Corporation 289,271 21,102 184,481 66,311 Gansu Datang Yumen Wind Power Co., Ltd. 69,668 53,343 7,157 (4,295 ) Datang Chifeng Renewable Power Co., Ltd. 747,990 276,796 119,955 39,439 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 182,342 76,018 26,378 2,914 Rabigh Electricity Company 2,294,880 1,898,701 293,722 94,927 Rabigh Operation & Maintenance Company Limited 28,666 19,133 26,268 7,318 Jamaica Public Service Company Limited 1,664,412 1,027,418 1,042,422 35,916 KW Nuclear Components Co., Ltd. 44,571 19,354 19,762 7,262 Busan Shinho Solar Power Co., Ltd. 39,266 17,754 7,296 2,652 Global Trade Of Power System Co., Ltd. 2,319 435 4,105 (96 ) Expressway Solar-light Power Generation Co., Ltd. 14,801 4,816 2,298 144 Amman Asia Electric Power Company 725,101 456,346 20,586 33,608 KAPES, Inc. 127,418 95,322 167,201 10,908 Honam Wind Power Co., Ltd. 36,237 22,945 4,433 (220 ) Jeongam Wind Power Co., Ltd. 89,829 78,279 9,757 412 Korea Power Engineering Service Co., Ltd. 24,162 5,674 9,435 1,538 Chun-cheon Energy Co., Ltd. 605,493 512,642 222,066 (24,597 ) Yeonggwangbaeksu Wind Power Co., Ltd. 90,758 69,967 11,232 572 Nghi Son 2 Power LLC 2,207,764 2,474,324 819,706 108,832 Kelar S.A. 598,901 492,838 93,375 16,863 PT. Tanjung Power Indonesia 645,152 550,687 90,255 20,487 Incheon New Power Co., Ltd. 3,439 2,914 1,519 (670 ) Seokmun Energy Co., Ltd. 227,539 176,457 33,677 (8,734 ) Daehan Wind Power PSC 98,544 106,254 — (765 ) Barakah One Company 24,693,571 24,924,087 — (4,520 ) 2020 Investees Total assets Total liabilities Sales Profit (loss) for the period In millions of won Nawah Energy Company ₩ 139,286 137,788 — 12 Momentum 10,772 9,076 31,161 1,122 Daegu Green Power Co., Ltd. 549,034 469,126 221,382 290 Yeonggwang Wind Power Co., Ltd. 249,999 213,556 26,535 1,690 Chester Solar IV SpA 14,232 11,990 1,688 485 Chester Solar V SpA 4,674 4,313 588 150 Diego de Almagro Solar SpA 17,916 14,808 1,824 535 South Jamaica Power Company Limited 405,804 246,310 209,596 12,208 Daesan Green Energy Co., Ltd. 275,911 211,476 62,286 15,346 RE Holiday Holdings LLC 320,908 183,290 19,659 13,247 RE Pioneer Holdings LLC 236,565 137,287 12,410 8,821 RE Barren Ridge 1 Holdings LLC 194,643 87,171 10,679 (722 ) RE Astoria 2 LandCo LLC 10,733 274 664 541 RE Barren Ridge LandCo LLC 3,776 82 266 223 Laurel SpA 13,529 11,496 1,704 702 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 33,930 618 — (191 ) Chile Solar JV SpA 74,776 5,011 4,390 1,476 Taebaek Gadeoksan Wind Power Co., Ltd. 142,731 114,487 10,587 2,411 Cheong-Song Noraesan Wind Power Co., Ltd. 55,460 43,771 7,411 2,039 Chester Solar I SpA 12,795 9,713 1,111 824 Solar Philippines Calatagan Corporation 97,947 47,098 23,182 15,249 Saemangeum Solar Power Co., Ltd. 34,363 4,180 — (532 ) Chungsongmeon BongSan wind power Co., Ltd. 64,341 56,264 — (1,206 ) Jaeun Resident Wind Power Plant Co., Ltd. 63,940 56,371 — (645 ) DE Energia SpA 48,327 54,934 3,789 (21,087 ) Dangjin Eco Power Co., Ltd. 97,834 23,769 3,953 565 Haemodum Solar Co., Ltd. 19,041 12,786 1,188 286 Yangyang Wind Power Co., Ltd. 20,917 33 — (572 ) Horus Solar, S.A. De C.V. 181,432 182,674 — (13,285 ) Recursos Solares PV De Mexico II, S.A. De C.V. 81,257 71,295 — 243 Sunmex Renovables, S.A. De C.V. 7,781 6,204 — (309 ) Stavro Holding II A.B. 46,394 9 — (782 ) Solaseado Solar Power Co., Ltd. 349,855 327,865 43,782 7,443 Yeongam Solar Power Co., Ltd. 312,960 285,231 17,347 (3,324 ) Samsu Wind Power Co., Ltd. 59,597 45,877 — 243 Pulau Indah Power Plant Sdn. Bhd. 31,538 9,293 — (894 ) Sam-Yang 55,345 44,049 2,769 592 NH-Amundi 73,573 39 1,770 8,989 Shin-han 17,932 11 6 478 PT Barito Wahana Tenaga 205,894 — — 28,631 Cheongna Energy Co., Ltd. 341,478 335,736 78,387 5,995 Naepo Green Energy Co., Ltd. 152,003 159,805 7,056 (28,043 ) Dayone Energy 441,875 496,355 93,832 30,269 OneEnergy Asia Limited 78,005 150 — (578 ) KAS Investment 78,410 — — — KAS Investment 78,096 — — — Energyco LLC 3,425 563 — (2,856 ) CAES, LLC 40,840 — — (1,656 ) Hapcheon Floating Photovoltaic Power Plant Inc. 9,708 — — — Busan Industrial Solar Power Co., Ltd. 15,283 14,499 19 (485 ) Bitsolar Energy Co., Ltd. 144,758 149,561 — (6,116 ) (*1) The loss for the year ended December 31, 2020 is reduced by the associate entity’s net income (loss) attributable to non-controlling 2021 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Korea Gas Corporation(*1) ₩ 43,669,902 34,550,567 27,520,756 950,757 Korea Electric Power Industrial Development Co., Ltd. 158,163 73,278 312,705 7,233 YTN Co., Ltd. 367,950 126,062 137,439 51,044 Gangwon Wind Power Co., Ltd. 71,153 1,121 19,623 5,433 Hyundai Green Power Co., Ltd. 812,287 391,754 101,818 (280 ) Korea Power Exchange 331,640 61,912 110,075 492 Taebaek Wind Power Co., Ltd. 30,375 3,176 5,744 1,588 Taebaek Guinemi Wind Power Co., Ltd. 43,411 29,985 5,910 1,371 Pyeongchang Wind Power Co., Ltd. 69,939 48,295 10,087 1,537 Daeryun Power Co., Ltd. 757,157 476,152 188,193 (10,232 ) Changjuk Wind Power Co., Ltd. 29,539 1,690 6,213 3,265 KNH Solar Co., Ltd. 13,859 5,423 3,222 805 SPC Power Corporation 242,058 18,535 54,042 35,441 Gemeng International Energy Co., Ltd. 8,151,333 5,976,164 2,511,377 (404,570 ) PT. Cirebon Electric Power 697,614 254,089 273,650 39,965 KNOC Nigerian East Oil Co., Ltd. 24,693 102,722 — (99 ) KNOC Nigerian West Oil Co., Ltd. 26,625 98,360 — (99 ) PT Wampu Electric Power 209,172 132,917 20,294 7,102 PT. Bayan Resources TBK 2,884,474 743,452 3,264,057 1,456,893 S-Power 856,963 603,519 608,259 24,998 Pioneer Gas Power Limited 282,577 438,366 — (36,864 ) Eurasia Energy Holdings 606 1,082 — — Xe-Pian Xe-Namnoy 1,321,406 947,430 161,686 76,996 PT. Mutiara Jawa 24,355 15,498 10,958 2,835 Samcheok Eco Materials Co., Ltd. 26,545 1,854 14,281 1,237 Noeul Green Energy Co., Ltd. 109,354 96,222 36,029 (1,269 ) Goseong Green Power Co., Ltd. 5,412,537 4,509,791 740,028 51,450 Gangneung Eco Power Co., Ltd. 4,001,681 3,851,537 — (4,188 ) Shin Pyeongtaek Power Co., Ltd. 1,028,028 764,551 653,117 57,202 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 1,823 1,033 426 46 Dongducheon Dream Power Co., Ltd. 1,398,244 1,139,521 750,127 (16,685 ) Jinbhuvish Power Generation Pvt. Ltd. 62,926 12,995 — — Daejung Offshore Wind Power Co., Ltd. 5,321 1,664 — (149 ) GS Donghae Electric Power Co., Ltd. 2,149,060 1,432,083 760,323 44,035 Daegu Photovoltaic Co., Ltd. 13,046 4,970 3,519 1,621 Busan Green Energy Co., Ltd. 163,016 145,664 45,088 (10,843 ) Gunsan Bio Energy Co., Ltd. 8,503 28,981 — (1,496 ) Korea Electric Vehicle Charging Service 13,351 6,207 13,808 (1,022 ) Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) 1,409 100 836 64 Korea Electric Power Corporation Fund 49,150 237 9,773 9,534 Energy Infra Asset Management Co., Ltd. 11,196 426 4,703 1,306 Daegu clean Energy Co., Ltd. 368 324 — (1 ) YaksuESS Co., Ltd. 6,999 4,535 1,715 903 Nepal Water & Energy Development Company Private Limited 153,184 58,545 — (642 ) Gwangyang Green Energy Co., Ltd. 128,375 1,136 — (688 ) PND S 37,152 33,444 5,078 (128 ) Hyundai Eco Energy Co., Ltd. 186,309 158,111 25,762 6,921 YeongGwang Yaksu Wind Electric Co., Ltd. 40,484 41,176 7,066 (914 ) Green Energy Electricity Generation Co., Ltd. 75,664 72,442 2,796 (58 ) Korea Energy Solutions Co., Ltd. 654 40 228 (347 ) ITR Co., Ltd. 529 372 135 (29 ) Structure test network Co., Ltd. 1,665 400 1,451 1,134 Namjeongsusang Solar Power Operation Co., Ltd. 56,376 54,104 7,095 (1,280 ) Indeck Niles Development, LLC 1,051,557 729,078 — (25,184 ) Indeck Niles Asset Management, LLC 347 13 2,232 1,135 2021 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 ₩ 14,778 211 848 815 Suwon New Power Co., Ltd. 1,997 30 — 2 KPGE Inc. 1,086 20 709 77 Gwangbaek Solar Power Investment Co., Ltd. 320,001 309,796 14,615 125 Go deok Clean Energy Co., Ltd. 65,566 54,811 — (2,482 ) SureDataLab Co., Ltd. 612 79 733 205 SEP Co., Ltd. 132 100 — (2 ) Hankook Electric Power Information Co., Ltd. 1,512 876 1,887 229 Tronix Co., Ltd. 1,002 455 2,228 89 O2&B Global Co., Ltd. 231 54 345 3 Muan Sunshine Solar Power Plant Co., Ltd. 142,858 138,987 15,582 (156 ) Bigeum Resident Photovoltaic Power Co., Ltd. 22,159 23,158 — (608 ) Goesan Solar Park Co., Ltd. 52,443 45,799 6,388 836 Saemangeum Heemang Photovoltaic Co., Ltd. 157,298 130,158 902 (2,237 ) Bitgoel Eco Energy Co., Ltd. 51,471 36,450 — (900 ) Jeju Gimnyeong Wind Power Co., Ltd. 65,754 62,716 6,915 (2,085 ) Seoroseoro Sunny Power Plant Co., Ltd. 5,833 4,186 469 36 Muan Solar Park 226,920 198,132 30,990 8,639 YuDang Solar Co., Ltd. 22,430 19,604 3,452 626 Anjwa Smart Farm & Solar City Co., Ltd. 278,981 249,143 37,691 5,996 Daewon Green Energy Co., Ltd. 131,218 116,100 18 (130 ) G.GURU Co., Ltd. 1,644 8 58 (346 ) UD4M Co., Ltd. 1,359 205 1,004 196 Dongbu Highway Solar Co., Ltd. 18,794 17,721 2,394 163 Seobu Highway Solar Co., Ltd. 19,828 18,384 2,647 315 Korea Energy Data Co., Ltd. 238 27 86 6 Gangneung Sacheon Fuel Cell Co., Ltd. 2,758 3 — (123 ) Kosture 150 26 166 11 Digital Innovation Growth Fund 12,857 — 4 (143 ) Taebaek Gadeoksan Wind Power Co., Ltd. 166,172 124,570 22,773 8,732 Chuncheon Green Energy Co., Ltd. 4,901 20 — (101 ) Yeomsubong Wind Power Co., Ltd. 400 396 — (17 ) Yeongyang Wind Power Corporation II 28,972 9,456 — (1,233 ) Haeparang Energy Co., Ltd. 9,566 681 — (2 ) Saemangeum Sebit Power Plant Co., Ltd. 105,259 96,963 — (190 ) <Joint ventures> KEPCO-Uhde Inc. 128 14 — (84 ) Shuweihat Asia Power Investment B.V. 75,652 — — 23,905 Shuweihat Asia Operation & Maintenance Company 2,586 77 2,821 2,002 Waterbury Lake Uranium L.P. 65,240 14 — — ASM-BG 74,977 37,593 13,161 5,365 RES Technology AD 63,495 30,090 8,142 2,220 KV Holdings, Inc. 6,318 1 10 2,405 KEPCO SPC Power Corporation 290,981 26,381 181,443 49,499 Gansu Datang Yumen Wind Power Co., Ltd. 75,268 58,680 9,666 (1,547 ) Datang Chifeng Renewable Power Co., Ltd. 827,213 315,746 120,989 24,398 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 198,437 87,895 29,094 3,905 Rabigh Electricity Company 2,410,335 1,910,203 266,822 34,268 Rabigh Operation & Maintenance Company Limited 29,107 18,930 32,079 9,808 Jamaica Public Service Company Limited 2,174,800 1,469,297 1,113,943 41,277 KW Nuclear Components Co., Ltd. 42,033 6,678 32,938 12,335 Busan Shinho Solar Power Co., Ltd. 37,016 13,653 7,918 3,261 Global Trade Of Power System Co., Ltd. 2,443 385 6,355 76 Expressway Solar-light Power Generation Co., Ltd. 13,747 3,113 2,637 466 Amman Asia Electric Power Company 731,745 433,946 17,753 30,815 2021 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won KAPES, Inc. ₩ 92,790 59,099 87,775 1,571 Honam Wind Power Co., Ltd. 33,623 19,800 5,395 531 Korea Power Engineering Service Co., Ltd. 24,068 5,397 11,259 709 Chun-cheon Energy Co., Ltd. 610,650 523,223 327,534 (5,451 ) Yeonggwangbaeksu Wind Power Co., Ltd. 82,439 64,290 8,411 (2,302 ) Nghi Son 2 Power LLC 2,982,805 3,020,684 548,027 84,276 Kelar S.A. 655,236 526,063 84,504 3,641 PT. Tanjung Power Indonesia 713,715 580,727 89,491 14,511 Incheon New Power Co., Ltd. 3,240 2,606 2,336 109 Seokmun Energy Co., Ltd. 219,414 171,682 41,555 (3,434 ) Daehan Wind Power PSC 137,388 127,080 6,794 7,581 Barakah One Company 29,707,801 29,951,656 253,653 4,011 Nawah Energy Company 155,191 153,559 — — Momentum 7,546 6,442 34,527 1,105 Daegu Green Power Co., Ltd. 541,304 459,536 295,645 1,796 Yeonggwang Wind Power Co., Ltd. 239,701 202,410 25,892 958 Chester Solar IV SpA 11,966 12,144 1,344 (2,060 ) Chester Solar V SpA 4,034 4,256 440 (601 ) Diego de Almagro Solar SpA 15,155 14,572 1,615 (2,103 ) South Jamaica Power Company Limited 474,664 287,852 224,159 5,743 Daesan Green Energy Co., Ltd. 264,618 203,921 88,147 (3,310 ) RE Holiday Holdings LLC 335,130 188,796 19,724 10,897 RE Pioneer Holdings LLC 220,390 126,361 12,925 9,307 RE Barren Ridge 1 Holdings LLC 201,629 87,291 10,575 (541 ) RE Astoria 2 LandCo LLC 12,294 298 889 799 RE Barren Ridge LandCo LLC 4,328 89 345 315 Laurel SpA 10,566 10,350 1,159 (1,425 ) KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 30,809 1,573 — (916 ) Chile Solar JV SpA 68,445 3,531 3,060 1,408 Cheong-Song Noraesan Wind Power Co., Ltd. 57,047 43,106 7,929 2,309 Chester Solar I SpA 12,965 11,043 1,065 (1,146 ) Solar Philippines Calatagan Corporation 117,324 46,759 19,418 11,782 Saemangeum Solar Power Co., Ltd. 35,323 5,771 — (631 ) Chungsongmeon BongSan wind power Co., Ltd. 74,683 67,696 — (1,186 ) Jaeun Resident Wind Power Plant Co., Ltd. 81,477 74,724 — (1,325 ) DE Energia SpA 49,201 59,587 5,219 (2,954 ) Dangjin Eco Power Co., Ltd. 98,010 22,223 4,139 805 Haemodum Solar Co., Ltd. 23,038 16,750 1,799 45 Yangyang Wind Power Co., Ltd. 53,586 31,291 — (965 ) Horus Solar, S.A. De C.V. 192,650 177,514 8,392 16,664 Recursos Solares PV De Mexico II, S.A. De C.V. 153,855 138,033 — 4,842 Sunmex Renovables, S.A. De C.V. 90,956 80,218 — (333 ) Stavro Holding II A.B. 88,220 87 — (276 ) Solaseado Solar Power Co., Ltd. 367,915 345,987 41,684 4,170 Yeongam Solar Power Co., Ltd. 324,132 292,213 37,301 4,930 Samsu Wind Power Co., Ltd. 69,213 54,331 3,918 1,162 Pulau Indah Power Plant Sdn. Bhd. 404,458 338,635 228 (2,589 ) Sam-Yang 50,837 40,647 7,376 150 NH-Amundi 70,910 38 3,428 6,468 Shin-han 18,121 23 333 288 PT Barito Wahana Tenaga 266,584 39 — 25,839 Cheongna Energy Co., Ltd. 357,248 338,763 77,640 12,743 Naepo Green Energy Co., Ltd. 222,885 249,415 7,044 (21,392 ) Dayone Energy Co., Ltd. 452,509 504,351 143,870 409 2021 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won OneEnergy Asia Limited ₩ 136,247 777 — (2,844 ) KAS Investment I LLC 52,681 1,583 (19,390 ) (23,007 ) KAS Investment II LLC 52,476 1,581 (19,311 ) (21,801 ) Energyco Co., Ltd. (formerly, Energyco LLC) 59,662 57,227 168 (2,514 ) CAES, LLC 43,089 — — (923 ) Hapcheon Floating Photovoltaic Power Plant Inc. 73,978 59,832 1,120 (972 ) Busan Industrial Solar Power Co., Ltd. 19,085 17,937 1,879 566 Bitsolar Energy Co., Ltd. 80,307 85,340 8,298 (1,105 ) Pulau Indah O&M Sdn. Bhd. — — — — Guadalupe Solar SpA 8,774 7,839 12 (1,119 ) Omisan Wind Power Co., Ltd. 128,724 103,802 — (320 ) Foresight Iberian Solar Group Holding, S.L. 90,610 79,519 168 (603 ) Yeongwol Eco Wind Co., Ltd. 43,784 39,066 — 421 Gurae Resident Power Co., Ltd. 6,932 5,734 — 42 Cheongju Eco Park Co., Ltd. 138,657 120,485 6,454 (1,708 ) Enel X Midland Photovoltaic, LLC 9,053 611 122 (31 ) Geumsungsan Wind Power Co., Ltd. 66,862 47,906 — (2,146 ) KEPCO KPS Carabao 3,482 2,516 5,309 733 Prime Swedish Holding AB 34,257 20 — (5 ) Goheung New Energy Co., Ltd. 55,145 32,125 — (2,711 ) Gunsan Land Solar Co., Ltd. 86,654 60,996 432 432 CapMan Lynx SCA, SICAR 113,658 93,706 — — International Offshore Power Transmission Holding Company Limited 5 — — — (*1) The profit for the year ended December 31, 2021 is reduced by the associate entity’s net income (loss) attributable to non-controlling |
Summary of Financial Information of Associates and Joint Ventures in Consolidated Financial Statements | (5) Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows: 2020 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 7,735,156 22.02 % 1,703,281 — — (55,956 ) 1,647,325 Korea Electric Power Industrial Development Co., Ltd. 88,379 29.00 % 25,630 — — — 25,630 YTN Co., Ltd. 189,228 21.43 % 40,549 — — — 40,549 Gangwon Wind Power Co., Ltd. 75,961 15.00 % 11,394 49 — — 11,443 Hyundai Green Power Co., Ltd. 457,842 29.00 % 132,774 — — — 132,774 Korea Power Exchange 269,122 100.00 % 269,122 — — — 269,122 Taebaek Wind Power Co., Ltd. 25,568 25.00 % 6,392 — — — 6,392 Taebaek Guinemi Wind Power Co., Ltd. 12,349 25.00 % 3,087 — — — 3,087 Pyeongchang Wind Power Co., Ltd. 20,107 25.00 % 5,027 — — — 5,027 Daeryun Power Co., Ltd. 290,931 9.34 % 27,173 — — (820 ) 26,353 Changjuk Wind Power Co., Ltd. 26,223 30.00 % 7,867 — — — 7,867 KNH Solar Co., Ltd. 9,021 27.00 % 2,436 — — — 2,436 SPC Power Corporation 237,757 38.00 % 90,348 — — (20,436 ) 69,912 Gemeng International Energy Co., Ltd. 1,999,144 34.00 % 679,709 — — (1 ) 679,708 PT. Cirebon Electric Power 428,405 27.50 % 117,811 — — — 117,811 KNOC Nigerian East Oil Co., Ltd. (71,521 ) 14.63 % (10,464 ) — — 10,464 — KNOC Nigerian West Oil Co., Ltd. (65,740 ) 14.63 % (9,618 ) — — 9,618 — PT Wampu Electric Power 60,577 46.00 % 27,865 — — — 27,865 PT. Bayan Resources TBK 749,744 20.00 % 149,949 351,662 — (76,377 ) 425,234 S-Power 228,168 49.00 % 111,802 — (1,510 ) — 110,292 Pioneer Gas Power Limited (99,446 ) 38.50 % (38,284 ) 22,278 — 16,006 — Eurasia Energy Holdings (437 ) 40.00 % (175 ) — — 175 — Xe-Pian Xe-Namnoy 262,658 25.00 % 65,665 305 (1,110 ) (290 ) 64,570 Hadong Mineral Fiber Co., Ltd. (28 ) 8.33 % (2 ) — — 2 — PT. Mutiara Jawa 6,138 29.00 % 1,780 — — — 1,780 Samcheok Eco Materials Co., Ltd. 23,426 25.54 % 5,983 — — (5,983 ) — Noeul Green Energy Co., Ltd. 14,472 29.00 % 4,197 — — — 4,197 Goseong Green Power Co., Ltd. 208,361 1.12 % 2,324 — (138 ) — 2,186 Gangneung Eco Power Co., Ltd. 154,904 1.61 % 2,496 — (128 ) — 2,368 Shin Pyeongtaek Power Co., Ltd. 206,281 40.00 % 82,512 3,559 (16,480 ) — 69,591 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 743 28.00 % 208 — — 2 210 Dongducheon Dream Power Co., Ltd. 278,714 34.01 % 94,791 1,757 (3,329 ) (12,582 ) 80,637 Jinbhuvish Power Generation Pvt. Ltd. 46,577 5.16 % 2,403 — — (2,403 ) — Daejung Offshore Wind Power Co., Ltd. 4,647 46.59 % 2,165 — — — 2,165 GS Donghae Electric Power Co., Ltd. 718,900 34.00 % 244,426 — — — 244,426 Daegu Photovoltaic Co., Ltd. 7,125 29.00 % 2,066 — — — 2,066 Busan Green Energy Co., Ltd. 30,266 29.00 % 8,777 — — 1 8,778 Gunsan Bio Energy Co., Ltd. (18,982 ) 18.87 % (3,582 ) — — 3,582 — Korea Electric Vehicle Charging Service 2,057 28.00 % 576 — — — 576 Korea Nuclear Partners Co., Ltd. 1,245 28.98 % 361 — — (161 ) 200 Korea Electric Power Corporation Fund 42,739 98.09 % 41,923 — — 3 41,926 Energy Infra Asset Management Co., Ltd. 9,478 9.90 % 938 — — — 938 Daegu clean Energy Co., Ltd. 44 28.00 % 12 — — — 12 Yaksu ESS Co., Ltd. 1,562 29.00 % 453 1 — — 454 Nepal Water & Energy Development Company Private Limited 68,228 58.59 % 39,975 971 — 1,731 42,677 Gwangyang Green Energy Co., Ltd. 4,539 20.00 % 908 18 — — 926 PND S 3,431 29.00 % 995 154 — — 1,149 Hyundai Eco Energy Co., Ltd. 21,240 19.00 % 4,036 214 — — 4,250 YeongGwang Yaksu Wind Electric Co., Ltd. 124 9.63 % 12 300 — — 312 Green Energy Electricity Generation Co., Ltd. (2,599 ) 29.00 % (754 ) 779 — — 25 Korea Energy Solutions Co., Ltd. 984 20.00 % 197 — — — 197 ITR Co., Ltd. 198 20.00 % 40 1 — (1 ) 40 Structure test network Co., Ltd. (133 ) 20.00 % (27 ) 54 — — 27 2020 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Namjeongsusang Solar Power Operation Co., Ltd. ₩ 553 15.00 % 83 20 — — 103 Indeck Niles Development, LLC 33,298 24.08 % 8,017 12,610 — — 20,627 Indeck Niles Asset Management, LLC 303 33.33 % 101 — — — 101 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 14,951 49.00 % 7,326 — — — 7,326 Suwon New Power Co., Ltd. 1,966 33.11 % 651 — 267 136 1,054 KPGE Inc. 989 29.00 % 287 — — — 287 Gwangbaek Solar Power Investment Co., Ltd. 9,925 44.00 % 4,367 315 — — 4,682 Go deok Clean Energy Co., Ltd. 1,574 61.00 % 960 — — — 960 SureDataLab Co., Ltd. 353 23.95 % 85 — — — 85 SEP Co., Ltd. 64 21.26 % 14 — — — 14 Hankook Electric Power Information Co., Ltd. 550 25.25 % 139 — — — 139 Tronix Co., Ltd. 593 20.00 % 119 — — — 119 O2&B Global Co., Ltd. 108 20.00 % 22 — — — 22 Muan Sunshine Solar Power Plant Co., Ltd. 3,010 20.00 % 602 494 — — 1,096 Bigeum Resident Photovoltaic Power Co., Ltd. (387 ) 29.90 % (116 ) — — 116 — Jeju SolarOne Co., Ltd. 1,594 10.00 % 159 — — — 159 Goesan Solar Park Co., Ltd. 5,808 29.00 % 1,684 — — — 1,684 Saemangeum Heemang Photovoltaic Co., Ltd. 29,377 35.00 % 10,282 740 — — 11,022 Bitgoel Eco Energy Co., Ltd. 100 29.00 % 29 — — — 29 Jeju Gimnyeong Wind Power Co., Ltd. 5,260 30.00 % 1,578 — — — 1,578 Seoroseoro Sunny Power Plant Co., Ltd. 1,182 19.46 % 230 — — — 230 Muan Solar Park Co., Ltd. 20,374 19.00 % 3,871 309 — — 4,180 YuDang Solar Co., Ltd. 2,484 20.00 % 497 — — (137 ) 360 Anjwa Smart Farm & Solar City Co., Ltd. 24,174 19.50 % 4,714 796 — — 5,510 Daewon Green Energy Co., Ltd. 15,248 25.36 % 3,866 44 — — 3,910 <Joint ventures> KEPCO-Uhde Inc. 197 50.80 % 100 — — — 100 Shuweihat Asia Power Investment B.V. 27,069 49.00 % 13,264 — — — 13,264 Shuweihat Asia Operation & Maintenance Company 1,922 55.00 % 1,057 — — — 1,057 Waterbury Lake Uranium L.P. 59,808 33.10 % 19,797 — — — 19,797 ASM-BG 36,400 50.00 % 18,200 — — — 18,200 RES Technology AD 31,860 50.00 % 15,930 — — — 15,930 KV Holdings, Inc. 6,013 40.00 % 2,405 — — — 2,405 KEPCO SPC Power Corporation 268,169 75.20 % 201,663 — — — 201,663 Gansu Datang Yumen Wind Power Co., Ltd. 16,325 40.00 % 6,530 — — — 6,530 Datang Chifeng Renewable Power Co., Ltd. 471,194 40.00 % 188,478 — — — 188,478 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 106,324 40.00 % 42,530 — — — 42,530 Rabigh Electricity Company 396,179 40.00 % 158,472 — (60,511 ) (804 ) 97,157 Rabigh Operation & Maintenance Company Limited 9,533 40.00 % 3,813 — — — 3,813 Jamaica Public Service Company Limited 636,994 40.00 % 254,798 29,357 — (17,934 ) 266,221 KW Nuclear Components Co., Ltd. 25,217 45.00 % 11,348 — — (177 ) 11,171 Busan Shinho Solar Power Co., Ltd. 21,512 25.00 % 5,378 — — — 5,378 Global Trade Of Power System Co., Ltd. 1,884 29.00 % 546 — — — 546 Expressway Solar-light Power Generation Co., Ltd. 9,985 29.00 % 2,896 — — — 2,896 Amman Asia Electric Power Company 268,755 60.00 % 161,253 — — — 161,253 KAPES, Inc. 32,096 51.00 % 16,369 — (19,567 ) 3,198 — 2020 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Joint ventures> Honam Wind Power Co., Ltd. ₩ 13,292 29.00 % 3,855 32 — — 3,887 Jeongam Wind Power Co., Ltd. 11,550 40.00 % 4,620 — — — 4,620 Korea Power Engineering Service Co., Ltd. 18,488 29.00 % 5,362 — — — 5,362 Chun-cheon Energy Co., Ltd. 92,851 29.90 % 27,762 3 — (247 ) 27,518 Yeonggwangbaeksu Wind Power Co., Ltd. 20,791 15.00 % 3,119 5 — — 3,124 Nghi Son 2 Power LLC (266,560 ) 50.00 % (133,280 ) — — 133,280 — Kelar S.A. 106,063 65.00 % 68,941 2,508 — — 71,449 PT. Tanjung Power Indonesia 94,465 35.00 % 33,063 — — — 33,063 Incheon New Power Co., Ltd. 525 29.00 % 152 — — (152 ) — Seokmun Energy Co., Ltd. 51,082 29.00 % 14,814 — — — 14,814 Daehan Wind Power PSC (7,710 ) 50.00 % (3,855 ) — — 3,855 — Barakah One Company (230,516 ) 18.00 % (41,493 ) — (27,845 ) 69,338 — Nawah Energy Company 1,498 18.00 % 270 — — — 270 Momentum 1,696 33.33 % 565 — — — 565 Daegu Green Power Co., Ltd. 79,908 54.24 % 43,342 84 — (20,381 ) 23,045 Yeonggwang Wind Power Co., Ltd. 36,443 46.00 % 16,764 492 — — 17,256 Chester Solar IV SpA 2,242 45.00 % 1,009 55 — — 1,064 Chester Solar V SpA 361 45.00 % 162 115 — — 277 Diego de Almagro Solar SpA 3,108 45.00 % 1,399 91 — — 1,490 South Jamaica Power Company Limited 159,494 20.00 % 31,899 — — (2 ) 31,897 Daesan Green Energy Co., Ltd. 64,435 35.00 % 22,552 — — — 22,552 RE Holiday Holdings LLC 137,618 50.00 % 68,809 — — — 68,809 RE Pioneer Holdings LLC 99,278 50.00 % 49,639 — — — 49,639 RE Barren Ridge 1 Holdings LLC 107,472 50.00 % 53,736 — — (49,270 ) 4,466 RE Astoria 2 LandCo LLC 10,459 50.00 % 5,230 — — — 5,230 RE Barren Ridge LandCo LLC 3,694 50.00 % 1,847 — — — 1,847 Laurel SpA 2,033 45.00 % 915 177 — — 1,092 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 33,312 12.37 % 4,121 8 — — 4,129 Chile Solar JV SpA 69,765 50.00 % 34,883 — — — 34,883 Taebaek Gadeoksan Wind Power Co., Ltd. 28,244 47.31 % 13,362 — — — 13,362 Cheong-Song Noraesan Wind Power Co., Ltd. 11,689 29.01 % 3,391 61 — 1 3,453 Chester Solar I SpA 3,082 45.00 % 1,387 234 — — 1,621 Solar Philippines Calatagan Corporation 50,849 38.00 % 19,323 29,694 — — 49,017 Saemangeum Solar Power Co., Ltd. 30,183 81.00 % 24,450 (158 ) — — 24,292 Chungsongmeon BongSan wind power Co., Ltd. 8,077 29.00 % 2,342 1,782 — — 4,124 Jaeun Resident Wind Power Plant Co., Ltd. 7,569 29.00 % 2,195 — — — 2,195 DE Energia SpA (6,607 ) 49.00 % (3,237 ) — — 11,424 8,187 Dangjin Eco Power Co., Ltd. 74,065 34.00 % 25,182 341 — — 25,523 Haemodum Solar Co., Ltd. 6,255 49.00 % 3,065 — — — 3,065 Yangyang Wind Power Co., Ltd. 20,884 50.00 % 10,442 43 — — 10,485 Horus Solar, S.A. De C.V. (1,242 ) 14.95 % (186 ) 3,580 — — 3,394 Recursos Solares PV De Mexico II, S.A. De C.V. 9,962 14.95 % 1,489 2,171 — — 3,660 Sunmex Renovables, S.A. De C.V. 1,577 14.95 % 236 4 — — 240 Stavro Holding II A.B. 46,385 20.00 % 9,277 — — — 9,277 Solaseado Solar Power Co., Ltd. 21,990 38.90 % 8,554 1,361 — — 9,915 Yeongam Solar Power Co., Ltd. 27,729 19.00 % 5,269 773 — — 6,042 Samsu Wind Power Co., Ltd. 13,720 19.00 % 2,607 — — — 2,607 Pulau Indah Power Plant Sdn. Bhd. 22,245 25.00 % 5,561 5,643 — — 11,204 Sam-Yang 11,296 49.00 % 5,535 — — — 5,535 NH-Amundi 73,534 29.53 % 21,715 — — 527 22,242 Shin-han 17,921 90.00 % 16,129 — — — 16,129 2020 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won PT Barito Wahana Tenaga ₩ 205,894 30.61 % 63,029 — — — 63,029 Cheongna Energy Co., Ltd. 5,742 50.10 % 2,877 3,137 (1,074 ) — 4,940 Naepo Green Energy Co., Ltd. (7,802 ) 29.20 % (2,278 ) — — 2,278 — Dayone Energy Co., Ltd. (54,480 ) 46.30 % (25,224 ) — (923 ) 26,147 — OneEnergy Asia Limited 77,855 40.00 % 31,142 25,512 — — 56,654 KAS Investment I LLC 78,410 29.89 % 23,437 — — — 23,437 KAS Investment II LLC 78,096 29.89 % 23,343 — — — 23,343 Energyco LLC 2,862 29.00 % 830 829 — — 1,659 CAES, LLC 40,840 36.00 % 14,702 2,924 — — 17,626 Hapcheon Floating Photovoltaic Power Plant Inc. 9,708 19.47 % 1,890 — — — 1,890 Busan Industrial Solar Power Co., Ltd. 784 28.02 % 220 290 — — 510 Bitsolar Energy Co., Ltd. (4,803 ) 27.10 % (1,302 ) 1,654 — — 352 (*) The percentage of ownership shown above is after considering the treasury stocks and others. 2021 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 9,119,335 20.47 % 1,866,728 — — (51,215 ) 1,815,513 Korea Electric Power Industrial Development Co., Ltd. 84,885 29.00 % 24,617 — — — 24,617 YTN Co., Ltd. 241,863 21.43 % 51,828 — — — 51,828 Gangwon Wind Power Co., Ltd. 70,032 15.00 % 10,505 49 — — 10,554 Hyundai Green Power Co., Ltd. 420,533 29.00 % 121,955 — — — 121,955 Korea Power Exchange 269,728 100.00 % 269,728 — — — 269,728 Taebaek Wind Power Co., Ltd. 27,199 25.00 % 6,800 — — — 6,800 Taebaek Guinemi Wind Power Co., Ltd. 13,426 25.00 % 3,357 — — — 3,357 Pyeongchang Wind Power Co., Ltd. 21,644 25.00 % 5,411 — — — 5,411 Daeryun Power Co., Ltd. 281,005 9.34 % 26,246 — — (820 ) 25,426 Changjuk Wind Power Co., Ltd. 27,849 30.00 % 8,355 — — — 8,355 KNH Solar Co., Ltd. 8,436 27.00 % 2,278 — — — 2,278 SPC Power Corporation 223,523 38.00 % 84,939 — — (19,893 ) 65,046 Gemeng International Energy Co., Ltd. 2,175,169 34.00 % 739,557 — — (144,339 ) 595,218 PT. Cirebon Electric Power 443,525 27.50 % 121,969 — — — 121,969 KNOC Nigerian East Oil Co., Ltd. (78,029 ) 14.63 % (11,416 ) — — 11,416 — KNOC Nigerian West Oil Co., Ltd. (71,735 ) 14.63 % (10,495 ) — — 10,495 — PT Wampu Electric Power 76,255 46.00 % 35,077 — — — 35,077 PT. Bayan Resources TBK 2,141,022 20.00 % 428,204 309,464 — (76,379 ) 661,289 S-Power 253,444 49.00 % 124,188 — (1,402 ) — 122,786 Pioneer Gas Power Limited (155,789 ) 38.50 % (59,975 ) 22,278 — 37,697 — Eurasia Energy Holdings (476 ) 40.00 % (190 ) — — 190 — Xe-Pian Xe-Namnoy 373,976 25.00 % 93,494 305 (1,069 ) (289 ) 92,441 PT. Mutiara Jawa 8,857 29.00 % 2,569 — — — 2,569 Samcheok Eco Materials Co., Ltd. 24,691 25.54 % 6,306 — — (6,306 ) — Noeul Green Energy Co., Ltd. 13,132 29.00 % 3,808 — — — 3,808 Goseong Green Power Co., Ltd. 902,746 29.00 % 261,796 — (938 ) — 260,858 Gangneung Eco Power Co., Ltd. 150,144 1.61 % 2,419 — (131 ) — 2,288 Shin Pyeongtaek Power Co., Ltd. 263,477 40.00 % 105,391 3,559 (15,876 ) — 93,074 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 790 28.00 % 221 — — 2 223 Dongducheon Dream Power Co., Ltd. 258,723 34.01 % 87,992 1,757 (2,969 ) (12,582 ) 74,198 Jinbhuvish Power Generation Pvt. Ltd. 49,931 5.16 % 2,576 — — (2,576 ) — Daejung Offshore Wind Power Co., Ltd. 3,657 46.59 % 1,704 — — — 1,704 GS Donghae Electric Power Co., Ltd. 716,977 34.00 % 243,772 — — — 243,772 Daegu Photovoltaic Co., Ltd. 8,076 29.00 % 2,342 — — — 2,342 Busan Green Energy Co., Ltd. 17,352 29.00 % 5,032 — — — 5,032 Gunsan Bio Energy Co., Ltd. (20,478 ) 18.87 % (3,864 ) — — 3,864 — Korea Electric Vehicle Charging Service 7,144 17.50 % 1,250 — — — 1,250 Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) 1,309 28.98 % 379 — — (160 ) 219 Korea Electric Power Corporation Fund 48,913 98.09 % 47,979 — — 4 47,983 Energy Infra Asset Management Co., Ltd. 10,770 9.90 % 1,066 — — — 1,066 Daegu clean Energy Co., Ltd. 44 28.00 % 12 — — — 12 YaksuESS Co., Ltd. 2,464 29.00 % 715 1 — — 716 Nepal Water & Energy Development Company Private Limited 94,639 69.06 % 65,361 972 — — 66,333 Gwangyang Green Energy Co., Ltd. 127,239 20.00 % 25,448 18 — — 25,466 PND Solar 3,708 29.00 % 1,075 154 — — 1,229 Hyundai Eco Energy Co., Ltd. 28,198 19.00 % 5,358 214 — — 5,572 YeongGwang Yaksu Wind Electric Co., Ltd. (692 ) 9.63 % (67 ) 300 — — 233 Green Energy Electricity Generation Co., Ltd. 3,222 29.00 % 934 779 — — 1,713 Korea Energy Solutions Co., Ltd. 614 20.00 % 123 — — — 123 ITR Co., Ltd. 157 20.00 % 31 1 — — 32 Structure Test Network 1,265 20.00 % 253 53 — — 306 2021 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Namjeongsusang Solar Power Operation Co., Ltd. ₩ 2,272 15.00 % 341 20 — — 361 Indeck Niles Development, LLC 322,479 56.25 % 181,395 64,878 — — 246,273 Indeck Niles Asset Management, LLC 334 33.33 % 111 — — — 111 Hanwha Corporation-linked Sunlight Power Special 14,567 49.00 % 7,138 — — — 7,138 Suwon New Power Co., Ltd. 1,967 39.90 % 785 — 250 — 1,035 KPGE Inc. 1,066 29.00 % 309 — — — 309 Gwangbaek Solar Power Investment Co., Ltd. 10,205 44.00 % 4,490 316 — — 4,806 Go deok Clean Energy Co., Ltd. 10,755 40.00 % 4,302 — — — 4,302 SureDataLab Co., Ltd. 533 23.95 % 128 — — — 128 SEP Co., Ltd. 32 21.26 % 7 — — — 7 Hankook Electric Power Information Co., Ltd. 636 25.25 % 161 — — — 161 Tronix Co., Ltd. 547 20.00 % 109 — — — 109 O2&B Global Co., Ltd. 177 20.00 % 35 — — — 35 Muan Sunshine Solar Power Plant Co., Ltd. 3,871 20.00 % 774 494 — — 1,268 Bigeum Resident Photovoltaic Power Co., Ltd. (999 ) 29.90 % (299 ) 24 — 275 — Goesan Solar Park Co., Ltd. 6,644 29.00 % 1,927 — — — 1,927 Saemangeum Heemang Photovoltaic Co., Ltd. 27,140 35.00 % 9,499 739 — — 10,238 Bitgoel Eco Energy Co., Ltd. 15,021 29.00 % 4,356 — — — 4,356 Jeju Gimnyeong Wind Power Co., Ltd. 3,038 30.00 % 911 — — — 911 Seoroseoro Sunny Power Plant Co., Ltd. 1,647 42.58 % 701 20 — — 721 Muan Solar Park 28,788 20.00 % 5,758 325 — — 6,083 YuDang Solar Co., Ltd. 2,826 20.00 % 565 — — — 565 Anjwa Smart Farm & Solar City Co., Ltd. 29,838 20.00 % 5,968 816 — — 6,784 Daewon Green Energy Co., Ltd. 15,118 25.36 % 3,833 44 — — 3,877 G.GURU Co., Ltd. 1,636 24.65 % 403 — — — 403 UD4M Co., Ltd. 1,154 12.50 % 144 — — — 144 Dongbu Highway Solar Co., Ltd. 1,073 20.00 % 215 50 — — 265 Seobu Highway Solar Co., Ltd. 1,444 20.00 % 289 — — — 289 Korea Energy Data Co., Ltd. 211 29.37 % 62 — — — 62 Gangneung Sacheon Fuel Cell Co., Ltd. 2,755 65.00 % 1,791 87 — — 1,878 Kosture 124 0.26 % — — — — — Digital Innovation Growth Fund 12,857 76.92 % 9,890 — — — 9,890 Taebaek Gadeoksan Wind Power Co., Ltd. 41,602 39.65 % 16,495 — — — 16,495 Chuncheon Green Energy Co., Ltd. 4,881 68.00 % 3,319 53 — — 3,372 Yeomsubong Wind Power Co., Ltd. 4 48.72 % 2 93 — — 95 Yeongyang Wind Power Corporation II 19,516 30.00 % 5,855 2,110 — — 7,965 Haeparang Energy Co., Ltd. 8,885 25.00 % 2,221 20 — — 2,241 Saemangeum Sebit Power Plant Co., Ltd. 8,296 69.55 % 5,770 230 — — 6,000 <Joint ventures> KEPCO-Uhde Inc. 114 50.85 % 58 — — — 58 Shuweihat Asia Power Investment B.V. 75,652 49.00 % 37,069 — — — 37,069 Shuweihat Asia Operation & Maintenance 2,509 55.00 % 1,380 — — — 1,380 Waterbury Lake Uranium L.P. 65,226 33.10 % 21,590 — — — 21,590 ASM-BG 37,384 50.00 % 18,692 — — — 18,692 RES Technology AD 33,405 50.00 % 16,703 — — — 16,703 KV Holdings, Inc. 6,317 40.00 % 2,527 — — — 2,527 KEPCO SPC Power Corporation 264,600 75.20 % 198,979 — — — 198,979 Gansu Datang Yumen Wind Power Co., Ltd. 16,588 40.00 % 6,635 — — — 6,635 Datang Chifeng Renewable Power Co., Ltd. 511,467 40.00 % 204,587 — — — 204,587 2021 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Joint ventures> Datang KEPCO Chaoyang Renewable Power Co., Ltd. ₩ 110,542 40.00 % 44,217 — — — 44,217 Rabigh Electricity Company 500,132 40.00 % 200,053 — (55,571 ) (804 ) 143,678 Rabigh Operation & Maintenance Company Limited 10,177 40.00 % 4,071 — — — 4,071 Jamaica Public Service Company Limited 705,503 40.00 % 282,201 29,357 — (16,909 ) 294,649 KW Nuclear Components Co., Ltd. 35,355 45.00 % 15,910 — — (176 ) 15,734 Busan Shinho Solar Power Co., Ltd. 23,363 25.00 % 5,841 — — — 5,841 Global Trade Of Power System Co., Ltd. 2,058 29.00 % 597 — — — 597 Expressway Solar-light Power Generation Co., Ltd. 10,634 29.00 % 3,084 — — — 3,084 Amman Asia Electric Power Company 297,799 60.00 % 178,679 — — — 178,679 KAPES, Inc. 33,691 51.00 % 17,182 — (20,697 ) 3,515 — Honam Wind Power Co., Ltd. 13,823 29.00 % 4,009 32 — — 4,041 Korea Power Engineering Service Co., Ltd. 18,671 29.00 % 5,415 — — — 5,415 Chun-cheon Energy Co., Ltd. 87,427 29.90 % 26,141 3 — (248 ) 25,896 Yeonggwangbaeksu Wind Power Co., Ltd. 18,149 15.00 % 2,722 6 — — 2,728 Nghi Son 2 Power LLC (37,879 ) 50.00 % (18,940 ) — — 18,940 — Kelar S.A. 129,173 65.00 % 83,962 2,733 — — 86,695 PT. Tanjung Power Indonesia 132,988 35.00 % 46,546 — — — 46,546 Incheon New Power Co., Ltd. 634 29.00 % 184 — — (184 ) — Seokmun Energy Co., Ltd. 47,732 29.00 % 13,842 — — — 13,842 Daehan Wind Power PSC 10,308 50.00 % 5,154 — — — 5,154 Barakah One Company (243,855 ) 18.00 % (43,894 ) — 1,058 42,836 — Nawah Energy Company 1,632 18.00 % 294 — — — 294 Momentum 1,104 33.33 % 368 — — — 368 Daegu Green Power Co., Ltd. 81,768 54.24 % 44,351 84 — (20,381 ) 24,054 Yeonggwang Wind Power Co., Ltd. 37,291 46.00 % 17,154 492 — — 17,646 Chester Solar IV SpA (178 ) 45.00 % (80 ) 60 — 20 — Chester Solar V SpA (222 ) 45.00 % (100 ) 125 — — 25 Diego de Almagro Solar SpA 583 45.00 % 262 100 — — 362 South Jamaica Power Company Limited 186,812 20.00 % 37,362 — — (2 ) 37,360 Daesan Green Energy Co., Ltd. 60,697 35.00 % 21,244 — — — 21,244 RE Holiday Holdings LLC 146,334 50.00 % 73,167 — — — 73,167 RE Pioneer Holdings LLC 94,029 50.00 % 47,015 — — — 47,015 RE Barren Ridge 1 Holdings LLC 114,338 50.00 % 57,169 — — (55,286 ) 1,883 RE Astoria 2 LandCo LLC 11,996 50.00 % 5,998 — — — 5,998 RE Barren Ridge LandCo LLC 4,239 50.00 % 2,120 — — — 2,120 Laurel SpA 216 45.00 % 97 193 — — 290 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 29,236 12.37 % 3,616 9 — — 3,625 Chile Solar JV SpA 64,914 50.00 % 32,457 — — — 32,457 Cheong-Song Noraesan Wind Power Co., Ltd. 13,941 29.01 % 4,045 61 — — 4,106 Chester Solar I SpA 1,922 45.00 % 865 255 — — 1,120 Solar Philippines Calatagan Corporation 70,565 38.00 % 26,815 — — 31,416 58,231 Saemangeum Solar Power Co., Ltd. 29,552 81.01 % 23,939 — — — 23,939 Chungsongmeon BongSan wind power Co., Ltd. 6,987 29.00 % 2,026 1,782 — — 3,808 Jaeun Resident Wind Power Plant Co., Ltd. 6,753 29.00 % 1,958 — — — 1,958 DE Energia SpA (10,386 ) 49.00 % (5,089 ) — — 14,010 8,921 Dangjin Eco Power Co., Ltd. 75,787 34.00 % 25,768 341 — — 26,109 Haemodum Solar Co., Ltd. 6,288 49.00 % 3,081 — — — 3,081 Yangyang Wind Power Co., Ltd. 22,295 50.00 % 11,148 43 — — 11,191 Horus Solar, S.A. De C.V. 15,136 14.95 % 2,262 3,580 — — 5,842 Recursos Solares PV De Mexico II, S.A. De C.V. 15,822 14.95 % 2,365 2,171 — — 4,536 Sunmex Renovables, S.A. De C.V. 10,738 14.95 % 1,605 5 — — 1,610 2021 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Joint ventures> Stavro Holding II A.B. ₩ 88,133 20.00 % 17,627 — — — 17,627 Solaseado Solar Power Co., Ltd. 21,928 38.90 % 8,530 1,361 — — 9,891 Yeongam Solar Power Co., Ltd. 31,919 19.00 % 6,065 773 — — 6,838 Samsu Wind Power Co., Ltd. 14,882 19.00 % 2,828 — — — 2,828 Pulau Indah Power Plant Sdn. Bhd. 65,823 25.00 % 16,456 5,643 — — 22,099 Sam-Yang 10,190 49.00 % 4,993 — — — 4,993 NH-Amundi 70,872 29.53 % 20,929 527 — — 21,456 Shin-han 18,098 90.00 % 16,288 — — — 16,288 PT Barito Wahana Tenaga 266,545 30.61 % 81,595 — — — 81,595 Cheongna Energy Co., Ltd. 18,485 50.10 % 9,261 3,137 (1,200 ) — 11,198 Naepo Green Energy Co., Ltd. (26,530 ) 29.20 % (7,747 ) — — 7,747 — Dayone Energy Co., Ltd. (51,842 ) 46.30 % (24,003 ) — (882 ) 24,885 — OneEnergy Asia Limited 135,470 40.00 % 54,188 25,512 — — 79,700 KAS Investment I LLC 51,098 29.89 % 15,273 — — — 15,273 KAS Investment II LLC 50,895 29.89 % 15,213 — — — 15,213 Energyco Co., Ltd. (formerly, Energyco LLC) 2,435 29.00 % 706 829 — — 1,535 CAES, LLC 43,089 36.00 % 15,512 2,923 — — 18,435 Hapcheon Floating Photovoltaic Power Plant Inc. 14,146 49.00 % 6,932 39 — — 6,971 Busan Industrial Solar Power Co., Ltd. 1,148 28.02 % 322 290 — — 612 Bitsolar Energy Co., Ltd. (5,033 ) 27.10 % (1,364 ) 352 — 1,364 352 Pulau Indah O&M Sdn. Bhd. — 60.00 % — — — — — Guadalupe Solar SpA 935 60.00 % 561 98 — — 659 Omisan Wind Power Co., Ltd. 24,922 42.00 % 10,467 166 — — 10,633 Foresight Iberian Solar Group Holding, S.L. 11,091 75.00 % 8,318 1,425 — — 9,743 Yeongwol Eco Wind Co., Ltd. 4,718 29.00 % 1,368 1,828 — — 3,196 Gurae Resident Power Co., Ltd. 1,198 29.00 % 347 48 — — 395 Cheongju Eco Park Co., Ltd. 18,172 29.00 % 5,270 195 — — 5,465 Enel X Midland Photovoltaic, LLC 8,442 20.00 % 1,688 — — — 1,688 Geumsungsan Wind Power Co., Ltd. 18,956 29.00 % 5,497 556 — — 6,053 KEPCO KPS Carabao 966 40.00 % 386 — — — 386 Prime Swedish Holding AB 34,237 45.00 % 15,407 34 — — 15,441 Goheung New Energy Co., Ltd. 23,020 46.15 % 10,624 1,084 — — 11,708 Gunsan Land Solar Co., Ltd. 25,658 75.29 % 19,317 — — — 19,317 CapMan Lynx SCA, SICAR 19,952 50.00 % 9,976 — — — 9,976 International Offshore Power Transmission Holding Company Limited 5 35.00 % 2 (2 ) — — — (*) The percentage of ownership shown above is after considering the treasury stocks and others. |
Summary of Unrecognized Equity Interest in Investments in Associates and Joint Ventures | (6) As of December 31, 2020, and 2021, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows: 2020 2021 Unrecognized Accumulated unrecognized Unrecognized Accumulated unrecognized In millions of won Hadong Mineral Fiber Co., Ltd. ₩ — 2 — — Eurasia Energy Holdings (10 ) 175 15 190 Gunsan Bio Energy Co., Ltd. 290 3,582 282 3,864 Daehan Wind Power PSC 3,855 3,855 (3,855 ) — Dayone Energy Co., Ltd. (14,035 ) 24,696 (1,244 ) 23,452 Nghi Son 2 Power LLC 30,456 133,280 (114,340 ) 18,940 Samcheok Eco Materials Co., Ltd. (3 ) 785 (323 ) 462 Naepo Green Energy Co., Ltd. (7,003 ) 2,278 5,469 7,747 Barakah One Company (46,758 ) 69,338 (26,502 ) 42,836 Pioneer Gas Power Limited 15,824 15,938 21,691 37,629 Incheon New Power Co., Ltd. 194 194 (31 ) 163 Bigeum Resident Photovoltaic Power Co., Ltd. 116 116 182 298 KAPES, Inc. 3,198 3,198 317 3,515 Chester Solar IV SpA — — 21 21 |
Summary of Shareholders' Agreements on Investments in Associates and Joint Ventures | (7) As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows: (i) Gemeng International Energy Co., Ltd. Gemeng International Energy Co., Ltd. issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS Co-Pa (ii) Taebaek Wind Power Co., Ltd. In the case where non-controlling (iii) Pyeongchang Wind Power Co., Ltd. In the case where non-controlling (iv) Daeryun Power Co., Ltd. The Company reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd. (v) Daegu Green Power Co., Ltd. The Company has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Company can exercise its right 5, 10 and 13 years after the date of the investment. The Company has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders. (vi) Yeonggwang Wind Power Co., Ltd. In case the Company intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling (vii) Chester Solar I SpA According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares. (viii) Chester Solar IV SpA According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares. (ix) Chester Solar V SpA According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares. (x) Diego de Almagro Solar SpA According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares. (xi) Laurel SpA According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares. (xii) Samcheok Eco Materials Co., Ltd. For Samcheok Eco Materials Co., Ltd., ordinary shareholders have the right to buy the shares of preferred shareholders if preferred shareholders intend to sell their preferred stock until December 26, 2023, and ordinary shareholders shall guarantee the investment principle of preferred shareholders. (xiii) Hyundai Green Power Co., Ltd. As of December 31, 2021, the Company has call option against the financial investors (Korea Development Bank and others) and also has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when claimed by the financial investors at certain period of time in the future. Also, at certain period of time in the future, the Company has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Group”), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares upon request from Hyundai Steel Group. (xiv) Kosture Co., Ltd. The Company acquires the shares with the settled amount of coal provided to Kosture Co., Ltd. every year until completion of the subscription set forth in the shareholders’ agreement. (xv) Omisan Wind Power Co., Ltd. When the Company requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares or transfer them to others at fair value. (xvi) Changjuk Wind Power Co., Ltd. In the case where non-controlling (xvii) Geumsungsan Wind Power Co., Ltd. The Company has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation. |
Summary of Significant Restrictions on its Abilities to Associates or Joint Ventures | (8) Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2021 are as follows: Company Nature and extent of any significant restrictions Daegu Green Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions. Pyeongchang Wind Power Co., Ltd. Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of the stakeholders. Daeryun Power Co., Ltd. Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders. KNH Solar Co., Ltd. Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the consent of other shareholders. Korea Power Engineering Service Co., Ltd. Shares cannot be wholly or partially transferred without the consent of the board of directors. Daehan Wind Power PSC Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Daejung Offshore Wind Power Co., Ltd. Before the commencement of the operation, shares cannot be wholly or partially transferred without the consent of the stakeholders. Naepo Green Energy Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Solaseado Solar Power Co., Ltd. Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Samcheok Eco Materials Co., Ltd. Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. KPGE Inc. Shares cannot be wholly or partially transferred without the consent of the stakeholders. Taebaek Guinemi Wind Power Co., Ltd. Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Indeck Niles Asset Management, LLC Shares cannot be wholly or partially transferred without the consent of the stakeholders. Indeck Niles Development, LLC Shares cannot be wholly or partially transferred without the consent of the stakeholders. Chester Solar IV SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Chester Solar V SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Diego de Almagro Solar Spa Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Laurel SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Chester Solar I SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Kelar S.A. Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. GS Donghae Electric Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Busan Shinho Solar Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Honam Wind Power Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied. Seokmun Energy Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. Chun-cheon Energy Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the collateralized debt is fully repaid. Company Nature and extent of any significant restrictions Yeonggwangbaeksu Wind Power Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. Yeonggwang Wind Power Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Jamaica Public Service Company Limited Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. PT. Tanjung Power Indonesia Dividends can only be paid when all conditions of the loan agreement are satisfied. DE Energia SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Daesan Green Energy Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Taebaek Gadeoksan Wind Power Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained. Bitsolar Energy Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Omisan Wind Power Co., Ltd. Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, either of Omisan Wind Power Co., Ltd. and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party becomes less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party. Yangyang Wind Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Busan Industrial Solar Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Kosture Shares cannot be wholly or partially transferred without the consent of the stakeholders. Geumsungsan Wind Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank. Daewon Green Energy Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Cheongju Eco Park Co., Ltd. Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained. Goheung New Energy Co., Ltd. Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |