South Korea’s Ministry of Commerce, Business and Power (MOTIE) has kicked off a young for 1 GW of photo voltaic and 1.8 GW of wind. The ceiling costs for photo voltaic contracts stands at KRW 157,307 ($113.69)/MWh.

October 30, 2024
Patrick Jowett

South Korea’s MOTIE has opened a young for 1 GW of photo voltaic. The ministry has launched the main points of the procurement train, with a ceiling worth of KRW 157,307/MWh for proposed photo voltaic tasks.

The ministry mentioned this is a rise on final 12 months’s cap, making an allowance for current bidding competitors charges.

“As a way to promote using low-carbon photo voltaic modules that emit much less carbon through the manufacturing course of, a preferential worth was launched for the primary time, permitting the fee hole by product to be mirrored within the contract worth,” the ministry mentioned in assertion.

The federal government additionally plans to acquire 1.8 GW of wind, consisting of 300 MW of onshore capability and 1.5 GW of offshore tasks. An higher worth restrict was set at KRW 165,143/MWh for onshore wind and KRW 176,565/MWh for offshore wind.

The ministry mentioned it plans to attach photo voltaic and wind firms that enter into fastened contracts beneath this tender with RE100 demand firms to signal energy buy agreements.

South Korea put in 1.2 GW of photo voltaic within the first half of 2024, in line with the Korea Power Company.

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