NH Nonghyup Bank has signed a direct power purchase agreement with Hanwha Solutions to buy 8MW of solar power for its Uiwang IT center. This is the largest direct PPA by a South Korean bank and covers a 20 year term. The deal adds to a 4MW contract signed last year and is part of the bank's plan to cut greenhouse gas emissions and meet national decarbonization targets. Direct PPAs let companies buy renewable electricity straight from generators instead of going through the grid. For banks with large data centers or IT facilities, this is one of the more concrete ways to reduce scope 2 emissions. The 8MW total is modest in absolute terms but notable for the Korean banking sector, where such agreements are still rare.
