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Investment News

2018.02.12
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492
Korea to build floating solar farm on western coast

According to Yonhap News,

(SEOUL=Yonhap News) Korea will push to build the country's largest floating solar farm on the western coast to expand power generation from eco-friendly energy sources, state-run company Korea Hydro & Nuclear Power (KHNP) said Monday.

KHNP said it has signed a memorandum of understanding with Hwaseong Solar Energy, a local renewable energy firm, to develop the floating 100 megawatt-capacity solar power plant in Hwaseong, 70 kilometers southwest of Seoul.

The project aims to place an array of photovoltaic panels on a structure that floats on Hwaseong Lake, a manmade lake on the western coast.

The state utility firm said it has signed a long-term lease with the provincial government to use 861,000 square meters of the lake, or 8.3 percent of the site.

The 220 billion won (US$202 million) project is part of KHNP's plan to invest 10 trillion won by 2030 to expand renewable energy sources, including solar and wind power.

The government plans to increase the ratio of renewable energy from the current 7 percent to 20 percent by 2030. The increase will allow renewable energy output to reach a capacity of 63.8 gigawatts.


Representatives of Korea Hydro & Nuclear Power, Hwaseong Solar Energy and Hwaseong City Government pose for the camera after signing a memorandum of understanding on Feb. 12, 2018, to build a floating solar farm on Hwaseong Lake on Korea's westesrn coast in this photo provided by KHNP. (Yonhap)

ejkim@yna.co.kr

Copyrights Yonhap News.

All Rights Reserved.


Source Text

Source: Yonhap News (Feb. 12, 2018)
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