Invest KOREA

According to Pulse by Maeil Business News Korea,

South Korea will establish a 4GW renewable energy production complex on Saemangeum, a vast tract of reclaimed land on the west coast.

On Tuesday, Saemangeum Development and Investment Agency and Jeonbuk Province held a ceremony to declare a vision for a top-notch renewable energy production cluster in the reclaimed area.

The central and provincial governments will build a 3GW solar power farm on land and a 1GW offshore wind farm near Gunsan. The power generation site represents 9.36 percent of the total reclaimed area.

The central government and North Jeolla province will establish 2.4GW of photovoltaic power and 0.6GW of offshore wind power (0.1GW of inside and 0.5GW of outside of Saemangeum) by 2022.

The government also decided to accelerate construction related to power transmission and substation and regulatory work so the rest of the power generation business will go in accordance with local acceptability and progress of internal development of Saemangeum.

"The Saemangeum renewable energy project will be a landmark turning point for Korea to enhance the competitiveness of its renewable energy industry in the world," said President Moon Jae-in who attended the ceremony.

"The renewable energy project can be successful only when the aggressive support from the central government is combined with the execution and planning power of the local government," he said.

By Cho Han-pil and Minu Kim

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (October 30, 2018)