[Edaily Reporter Shin Ha-yeon ] IREM Co.,Ltd.(009730)is accelerating the expansion of its renewable energy business by acquiring OnePick E&Co., Ltd., a company specializing in renewable energy. The strategy is to build a renewable energy value chain by combining its existing steel pipe manufacturing capabilities with solar power engineering, procurement, and construction (EPC) and energy storage systems (ESS).

IREM Co.,Ltd. announced on the 10th, via a regulatory filing dated the 7th, that it would acquire 100% of OnePick E&C’s shares. The purchase price will be paid in convertible bonds (CBs), and the initial conversion price was set at a premium of approximately 11% over the reference share price. The company explained that this decision was made in consideration of the long-term business cooperation and growth potential between the two companies.

OnePick E&C NC& Co., Ltd. is a company that handles the design, procurement, and construction required for renewable energy power plants and rooftop solar installations at factories. It manages the entire scope of renewable energy projects, from civil engineering and permitting to equipment procurement, construction management, design and supervision, safety management, and post-completion defect repairs.

Recently, the company has been expanding its business scope to include solar power generation systems integrated with energy storage systems (ESS). It plans to broaden its order base by participating in large-scale tenders, such as the Saemangeum renewable energy power generation project.

Its performance is also on the rise. OnePick E&C’s revenue increased from approximately 1.2 billion won in 2023 to about 9.5 billion won last year. During the same period, its operating profit margin improved from 1.7% to 4.1%.

Through the acquisition of OnePick NC& Co., Ltd., IREM Co.,Ltd. intends to internalize its renewable energy EPC capabilities and expand synergies with its existing steel pipe business. Since steel is used in the structures and support systems of renewable energy generation facilities—such as solar power plants—the company plans to integrate operations from raw material supply through design and construction to enhance supply chain efficiency and cost competitiveness.

The company also plans to integrate this with the vanadium redox flow battery (VRFB)-based energy storage system (ESS) technology held by its affiliate, XRB. The strategy is to expand its renewable energy business portfolio by combining power generation facility EPC with ESS solutions.

The company views government policies to expand renewable energy and the growing adoption of RE100 by corporations as business opportunities. The government’s master plan sets a cumulative renewable energy deployment target of 100 GW by 2030. The company estimates that, based on domestic EPC project costs of approximately 1–1.3 billion won per MW, the annual new EPC market will be worth about 6–8 trillion won, with the cumulative market reaching approximately 60–80 trillion won by 2030.

The company also anticipates regional synergies centered on the Honam region. With its headquarters located in Buan County, Jeonbuk Special Self-Governing Province, IREM Co.,Ltd. plans to respond to the expansion of renewable energy infrastructure in areas such as the Gwangju and Jeonnam semiconductor complexes, as well as the Haenam and Saemangeum regions.

IREM Co.,Ltd. stated, “Given that steel products, such as STS steel pipes, are used on a large scale in the construction of renewable energy facilities, we anticipate synergies with our existing manufacturing capabilities.” The official added, “With the expansion of renewable energy infrastructure expected to center on the Gwangju and Jeonnam semiconductor complexes, as well as the Haenam and Saemangeum regions, we will strengthen our competitiveness by establishing a one-stop supply chain that connects everything from raw material supply to design and construction.”