HD Construction Equipment said Thursday it has signed power purchase agreements totaling 12.4 megawatts-peak with multiple renewable energy generators for its plant in Incheon, part of a broader push to source all its electricity from renewable sources by 2040. A power purchase agreement is a long-term contract in which a company buys electricity directly from a renewable energy producer, such as a solar or wind farm, often at a fixed price. Under the new agreements, the Incheon plant's share of renewable electricity is set to more than double, from 19 percent to 43.9 percent, by January 2027. The company's plants in Ulsan and Gunsan are expected to reach 42 percent and 53.1 percent renewable electricity, respectively, over the same period. Company-wide, renewable electricity use across HD Construction Equipment's Korean plants is projected to rise from 22 percent currently to 40.3 percent, a shift the company said would cut annual greenhouse gas emissions by 22,155 tons — equivalent to the carbon absorbed by roughly 3.36 million 30-year-old pine trees. The company became the first in