November 9, 2018 Read More →

South Korea to build 4GW of solar and offshore wind

Clean Technica:

South Korea is planning to develop 4 gigawatts (GW) worth of solar and offshore wind on reclaimed land in Saemangeum, an estuarine tidal flat on the country’s southwest coast that was damned by the country’s government amidst significant controversy over 30 years ago.

Asia’s fourth-largest economy, South Korea finished 2017 with 11.3 GW worth of renewable energy capacity, including at least 5 GW worth of solar. However, the country’s government is hoping to become a regional renewable energy powerhouse, and at the end of October, President Moon Jae-in announced plans to build 4 GW worth of solar and offshore wind — including 3 GW worth of solar and 1 GW of offshore wind.

Specifically, South Korea intends to build a 3 GW power generation complex, to be completed by 2022, at which point it would be the world’s largest of its kind, as well as another 1 GW worth of offshore wind to be developed off the coast of Gunsan, in the North Jeolla Province, by 2026.

[T]he Korean Government will seek to funnel KRW 10 trillion ($8.8 billion) in private investments to the project, with the Saemangeum Development and Investment Agency (SDIA), an agency run under the Ministry of Land, set to oversee the development of 2.6 GW worth of the projects — including 2.4 GW worth of solar, 100 MW worth of wind, and 100 MW worth of battery storage power. The country’s Ministry of Agriculture, Food and Rural Affairs (MAFRA) will oversee the development of 400 MW of solar PV. The 1 GW worth of offshore wind will be built separately.

“This announcement is a follow-up of President Moon’s pledge to increase the share of renewables in Korea’s generation mix to 20% by 2030,” explained David Kang, an analyst with Bloomberg New Energy Finance, who spoke to me via email. “The government has implemented a series of supporting policies (e.g. increased REC multiplier for wind and storage, temporary feed-in-tariff for small-scale PV, etc.) to boost the deployment of solar and wind in Korea, but the biggest obstacle has been the country’s chronic land availability issue. Much of the land suitable for solar and wind projects in Korea are either protected under the agricultural and environmental protection law or face severe opposition from local communities including farmers and fisheries. By utilizing the idle reclaimed land in Saemangeum region, the government aims to resolve the land availability issue and kick-start the deployment of utility-scale projects.”

More: South Korea plans 4 gigawatts of solar + offshore wind

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