HD Renewable Energy Emphasizing Overseas Electricity Liberalization and Sets Sights on International Markets

(Fourth from right) Yuan-I Hsieh, Chairman of HDRE
(Fifth from right) Shih-Chang Chou, the General Manager of HDRE

HD Renewable Energy (HDRE) held a performance presentation on the 27th, announcing its plan to transition to the main board listing by the end of September. The event was attended by key partners from Taiwan, Japan, and Australia, who offered their congratulations. HDRE plans to expand into Japan and Australia by the end of 2023, leveraging its precise strategy and strong execution capabilities, which have already yielded tangible business results in the first half of this year.

In the first half of 2024, HDRE reported consolidated revenue of NT$2.156 billion, marking a 5.40% year-over-year increase, with a basic earnings per share (EPS) of NT$1.56. The company's full-year revenue for 2023 was NT$5.839 billion, representing a 15.39% growth compared to the previous year. Moreover, HDRE achieved a basic EPS of over NT$8 for two consecutive years in 2022 and 2023.

Yuan-I Hsieh, Chairman of HDRE

While firmly rooted in Taiwan, HDRE is also focusing on the deregulated power markets overseas. At the end of 2023, the company announced its entry into international markets, successfully securing a bid for Japan's "Long-term Decarbonization Storage System Capacity Market" in the first half of this year. The service is expected to be operational by 2027, making HDRE the first Taiwanese company to penetrate Japan's storage system capacity market. Additionally, HDRE signed a memorandum of understanding with Australia's power retailer, ZEN Energy, covering collaborations such as a Tolling Agreement for solar storage power plants, Virtual Power Plant (VPP) cooperation, and energy storage project development.

Raymond Spencer, Chairman of ZEN Energy, highlighted that the company's rapid growth stems from its strong partnership with the South Australian government, which is globally recognized for its leadership in achieving net-zero emissions. In 2021, South Australia set a record of operating entirely on renewable energy for 180 days. Last year, approximately 76% of its power came from renewable sources. The Australian power market is projected to grow two to three times by 2050, with both parties capitalizing on Australia's abundant and low-cost renewable energy to drive the global green hydrogen industry.

HDRE has initiated several collaborations with Shihlin Electric and Mitsubishi Electric, both domestically and internationally, in areas such as energy storage, virtual power plants, and charging stations. Shihlin Electric's spokesperson and Executive Vice President, Chi-Jen Tong, noted that the two companies have deepened their partnership over time, starting with photovoltaic projects. This year, they co-founded two joint ventures to manufacture and sell behind-the-meter solar storage and charging products. Additionally, they are promoting these products in public and private sectors and housing markets, with plans to expand into Japan.

The Head of Mitsubishi Electric's Power Systems Division expressed anticipation for future collaboration with HDRE, focusing on energy storage systems, supply-demand management systems, and virtual power plant systems. He emphasized the department's commitment to helping society address energy challenges while stabilizing and enhancing power supply efficiency, contributing more to society.