Dae Myoung Energy

Founded in 2000, Daemyung Energy is a comprehensive renewable energy company with a vertically integrated business model spanning development, EPC (engineering, procurement, construction), O&M (operation and maintenance) and asset management across wind, solar and BESS (battery energy storage system).

It became the first renewable energy specialist to list on KOSDAQ in 2022. The company currently operates eight wind and solar power plants with roughly 278MW of cumulative capacity, while its development pipeline totals about 1,500MW.

As of 2024, revenue was split into EPC (53.55%), generation (36.21%), O&M services (5.74%) and other (4.50%), with EPC representing the largest share. In 2022 the company held an 8.4% share of domestic wind installed capacity, ranking third overall and first among private developers.

It has recently expanded into large-scale BESS through a government ESS central contract market award.

The company is also broadening into offshore wind: the Anma offshore wind project (532MW) in Yeonggwang, South Jeolla Province has completed its environmental impact assessment; the Gaui offshore wind project (400MW) in Taean, South Chungcheong Province has obtained its generation business license; and the Dadohae offshore wind project (800MW) near Yeosu is at the wind measurement stage.

By directly executing EPC for its own self-developed projects, the company pursues a differentiated profit structure compared with competitors that rely mainly on externally contracted EPC work.

Annual revenue moved from KRW 88.0bn in 2022 to KRW 61.6bn in 2023 and KRW 67.8bn in 2024, before nearly doubling year over year to KRW 131.0bn in 2025.

Operating profit fell continuously from KRW 25.6bn in 2022 to KRW 16.7bn in 2023 and KRW 9.7bn in 2024, then rebounded to KRW 16.8bn in 2025, with the operating margin declining from 29.1% in 2022 to 14.3% in 2024 and 12.8% in 2025—a structural shift attributable to a rising share of relatively lower-margin EPC revenue relative to higher-margin generation and O&M revenue.

Net income attributable to owners rose steadily from KRW 6.1bn in 2023 to KRW 7.8bn in 2024 and KRW 14.1bn in 2025.

The quarterly pattern stands out: in 2025Q2 (revenue KRW 22.1bn, operating profit KRW 3.0bn) and 2025Q3 (revenue KRW 37.0bn, operating profit KRW 0.2bn), the company posted net losses attributable to owners of KRW -3.2bn and KRW -1.9bn respectively, before rebounding sharply in 2025Q4 to revenue of KRW 52.8bn, operating profit of KRW 7.9bn and net income of KRW 10.9bn.

In 2026Q1, revenue of KRW 30.8bn and operating profit of KRW 17.9bn produced an unusually high operating margin, consistent with market data showing 2026Q1 revenue up 60.8% and operating profit up 215.5% year over year.

By contrast, 2026Q2 revenue of KRW 25.3bn and operating profit of KRW 3.4bn were smaller, yet net income attributable to owners jumped to KRW 16.5bn, creating a notable gap between operating and net income lines.

This divergence appears related to the accounting treatment of certain generation subsidiaries, such as the Yeongam solar and Cheongsong Norae Mountain wind projects, which are classified as joint entities accounted for under the equity method.

South Korea's renewable energy industry is expected to see medium- to long-term growth in solar and wind demand, supported by government carbon-neutrality policy, expanding RE100 participation, and rising corporate-led power purchase agreement (PPA) demand.

The Offshore Wind Special Act, effective March 2026, introduces a government-led planned-siting system designed to shorten permitting timelines, providing a legal foundation for offshore wind projects that had long been delayed.

In the solar segment, a reinterpretation of usable land is expanding siting options toward industrial complexes, rooftops, agrivoltaic sites and parking-lot solar installations.

Within this expanding industry, Daemyung Energy has maintained a leading position among private developers, built on its long operating track record in onshore wind and its EPC/O&M capabilities.

In terms of competitive structure, large energy and materials companies such as Hanwha Solutions and HD Hyundai Energy Solutions, along with numerous small and mid-sized developers, are simultaneously competing in the market, sustaining ongoing competition for project pipelines.

As long as policy direction remains supportive of renewable expansion, the underlying demand base for generation and EPC work may persist, though the actual pace of individual project execution can vary depending on policy shifts or the real-world speed of permitting procedures.

The most visible near-term event is the KRW 136.0bn (excluding VAT) Gokseong Green Wind EPC contract signed on April 24, 2026, covering a 42MW onshore wind farm in Gokseong County, South Jeolla Province.

The contract runs for about 34 months, from April 2026 to March 2029, during which EPC revenue will be recognized in stages, followed by 20 years of accumulated generation and O&M revenue after commercial operation begins in 2028.

In the same month, the company secured a series of large-scale BESS contracts in the Honam region through subsidiaries, including the Goheung Naro BESS project (about KRW 27.3bn), expanding its ESS pipeline.

The Gimcheon wind project (26MW) is transitioning from EPC completion into the generation phase, which is expected to contribute to an expanding base of generation and O&M revenue going forward.

In offshore wind, completion of the environmental impact assessment for the Anma offshore wind project (532MW) has opened discussion of related contracts such as substation construction, while the Gaui offshore wind project (400MW) has already obtained its generation business license.

Management has emphasized that revenue is realized in stages across the full value chain from development through EPC, generation and O&M.

That said, the timing of individual project groundbreaking and completion can be affected by external variables such as permitting procedures and local resident consent, warranting continued monitoring of disclosed progress.