(SEOUL=NEWSIS) The Ministry of Trade, Industry & Energy (MOTIE) will provide KRW 50 billion of financial support for companies planning to invest in the new energy industry in 2016.

MOTIE plans to financially support the private new energy projects along with the public projects including energy-independent island, electric vehicles and energy storage system.

The Korea Energy Agency will adjust the scope, amount and ratio of the support to meet the condition of each company.

"Our support will help small- and medium-sized companies that are having difficulty securing the finance to invest in the projects despite their excellent business models," said a MOTIE official.

The Ministry will also hold a briefing session to introduce the details of the financial support to local governments and potential investors.

ijoinon@newsis.com