K-water and Korea Western Power signed a shareholders' agreement to co-develop a 21 MW floating solar project at Hapcheon Dam in South Gyeongsang province, expanding an existing 41.5 MW installation operational since 2021. Lotte Chemical committed to purchasing electricity under a power purchase agreement (PPA) signed in October 2024, with the project originally scheduled for December 2025 completion but now targeted for year-end 2025. The KRW 36.6 billion ($24.8 million) investment marks K-water's first PPA tied to a floating solar project and South Korea's first public-sector-led Renewable Energy 100 (RE100) solar initiative. Project revenues will be shared with a local village corporation, and the arrangement replaces an earlier profit-sharing model where generators held a larger share. Korea Western Power separately described the project as South Korea's first public-sector-led RE100 solar project.