Chanel Korea to power its stores with renewable energy

Chanel Korea has taken a step toward reducing its carbon footprint by signing a memorandum of understanding (MOU) with Korea East-West Power.

The agreement, signed on Tuesday, lays the foundation for the two companies to soon enter into a virtual power purchase contract (VPPA) for solar power plants.

Under the terms of the agreement, Chanel Korea will receive a stable supply of 2 MW of renewable energy for the next 20 years from Korea East-West Power.

The energy will be generated at underutilized sites such as parking lots and industrial complexes.

With the goal of sourcing 100% of its annual electricity consumption from renewable energy by 2025, Chanel is demonstrating its commitment to sustainability and reducing its environmental impact.

Write to Jeong-Cheol Bae at bjc@hankyung.com