1. The part of the judgment of the court of first instance against the plaintiff, which orders payment below, shall be revoked.

The defendant.

1. Basic facts

A. On December 19, 2014, the Plaintiff and the Defendant entered into a joint development agreement with respect to the business of constructing electric power plants at Fririju, a priju (hereinafter “instant business”).

(2) According to the instant Joint Development Convention, the Plaintiff is responsible for the investment and operation of a special purpose corporation for the instant project, the construction of power plants, the management of power plant construction projects, the operation and maintenance of power plants, the basic design and the project owner’s support services, and the Defendant is responsible for the power generation business license, the investment of the special purpose corporation, the supply of fuel for power plants, and the financial support services for financing.

On the other hand, the plaintiff and the defendant jointly performed the business of authorization and permission, compensation, and support for joint development of business.

(Article VII, paragraphs 1 and 2). (b)

On May 7, 2015, the Plaintiff and the Defendant established C Co., Ltd. (hereinafter referred to as “C”), a special purpose corporation (SPC) for the instant project, by jointly investing in accordance with the instant joint development agreement.

(Contribution Shares: Plaintiffs 49%, Defendant 51%). (c)

The Defendant used D and 14 lots (hereinafter “instant land”) for its own business site. On August 11, 2015, the Defendant sold the instant land to C in order to secure the site for a power plant.

(hereinafter “instant sales contract”). In order to prepare one’s own business site on the same day, the Defendant was awarded a successful bid for five lots and above-ground buildings outside G and completed the registration of ownership transfer in its name. Accordingly, the instant sales contract was concluded with the following contents.

Section 2 (Sales Price and Payment Terms) ① The sales price of this real estate (the instant land) under this Agreement shall be KRW 3.2 billion and shall be subject to the following payment terms:

Contract deposit: KRW 500 million, remainder: KRW 2.7 billion. ② Contract deposit shall be KRW 500 million when this contract is concluded.