K-water and Korea Western Power signed a shareholders' agreement to co-develop a second-phase 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 completion in December 2025 but now targeted for year-end 2026. The KRW 36.6 billion ($24.8 million) investment represents South Korea's first public-sector-led Renewable Energy 100 (RE100) solar project, with a portion of revenues shared with a local village corporation. Korea Western Power described the arrangement as the first PPA tied to a floating solar project initiated by K-water, while Lotte Chemical cited a 20 MW capacity in its announcement, reflecting minor discrepancies in project specifications.