In December 2016, Lee & Ko successfully concluded its services as legal advisors in connection with the project financing aspects of the Poseung Biomass Energy General Facility Project (total project cost KRW 300billion) and the Kunsan Biomass Energy General Facility Project (total project cost KRW 600billion). The Poseung project is particularly noteworthy because it is the first Korean biomass energy project that has included large-scale foreign investment participation. The Kunsan project has also attracted considerable attention due to the fact that it is, to date, the largest biomass energy project ever implemented in Korea. As legal advisors, Lee & Ko provided in-depth legal/contractual analysis and regulatory compliance advice required in connection with drafting and finalizing the definitive project-financing documentation used for the two projects.
Lee & Ko’s participation in these two milestone infrastructure projects marks the continuation of the firm’s proud history of providing expert legal advice as primary Korean legal advisors for many of the most important renewable energy projects that have been carried out in Korea in recent decades. Whereas previous projects in this area have mainly consisted of solar power and wind power projects, the Poseung and Kunsan projects represent a substantial push in the direction of larger and more diverse types of renewable energy initiatives, including biomass projects, refuse-derived fuel energy projects, energy storage system (ESS) projects and fuel cell projects, among others. Having built up extensive experience in advising both lenders and project owners in connection with project financing for many of the most important and most innovative energy projects in the past, including the above-mentioned recent Poseung and Kunsan projects, Lee & Ko is exceptionally well equipped to provide expert legal assistance and advisory services that may be required in connection with the planning and implementation of any future traditional and non-traditional renewable energy projects.
Lee & Ko lawyers Dong Eun KIM, Kwang Yul KIM and Dae Hong KIM acted as lead attorneys for the Poseung and Kunsan cases.