Massive Investment in Renewable Energy Projects
The Korean government has decided to invest a total of 11 trillion won in new and renewable energy projects for three years. The Ministry of Trade, Industry and Energy announced an implementation plan for the development, use and diffusion of renewable energy technology on Feb. 27.
The government plans to invest 4.7 trillion won for three years to complete 28 solar power generation complexes (1,130 MW) including the Yeongam Solar Power Generation Complex and to build 17 complexes (1,640 MW) including the Saemangeum Solar Power Generation Complex.
In connection with wind power projects, the government will invest 6.3 trillion won to complete nine complexes (220 MW) including the Jangheung Wind Power Generation Complex, and build 15 complexes (640 MW) including the Hallim Offshore Wind Power Generation Complex on Juju Island.
It will invest 1.9 trillion won this year to launch construction of new solar and wind power generation projects.
Public energy corporations such as KEPCO will be required to increase the share of renewable energy in power generation from the current 6 percent to 7 percent this year, and demand for renewable energy certificates (RECs) will be greatly scaled up.
In addition, beginning this year, solar modules will be subject to the lowest efficiency rule that requires solar modules to exceed 17.5 percent in the efficiency of converting sunlight to electricity. The Carbon Certification System will be applied to renewable energy facilities with low carbon emissions.
At the same time, the government has decided to invest 20.3 billion won in solar and wind technology development and 41.3 billion won in hydrogen technology development this year. The funds will go to developing the world's highest efficiency solar cell which exceeds the marginal efficiency of 30 percent (2025 target: 35 percent), a floating offshore wind power generator (up to 8MW), and core parts for hydrogen generation.