The Ministry of Trade, Industry & Energy held the Renewable Energy Business & Investment Forum in Seoul on December 27. There, six South Korean power generation companies announced that they would invest a total of 3.7 trillion won (US$ 3.3 billion) in the new and renewable energy industry for two years to come.
This investment is roughly divided into 38.6% in solar power generation, 35% in wind power generation, 17.9% in fuel cell technology and 8.5% in the others. For reference, the investment for the same purpose totaled 1.1 trillion won in 2015 and this year.
An MOU signing ceremony and one-on-one business meetings also took place at the forum. The memorandum of understanding for stable investment and financing was signed by the Korea Financial Investment Association, the Korea New & Renewable Energy Association and the six power generation companies.
The Ministry of Trade, Industry & Energy is planning to increase the ratio of renewable energy to total power generation to at least 11% by 2025 while hosting the forum on an annual basis. Earlier, the South Korean government announced that it would increase the ratio of investment in solar and wind power generation projects to at least 72% by 2025 to be on the same level as global leaders in the renewable energy sector.