HD Construction Equipment (KRX:267270) has signed long-term renewable energy contracts for its Incheon plant, more than doubling the facility's renewable electricity share to 43.9% from 19% by January 2027, the Korea Times reported Thursday.

The agreements, which cover 12.4 megawatts-peak of capacity and involve direct power purchase agreements with multiple energy producers, are part of the company's goal of sourcing all of its electricity from renewable sources by 2040, the report said.

Over the same period, the company's Ulsan and Gunsan plants are expected to increase their renewable electricity shares to 42% and 53.1%, respectively, according to the report.

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