Loan Support for Incheon Renewable Energy Project Brand 'Smart Energy Factory'

For Solar Power Generation Facility Installation, Use, and Sales Operators

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City, considering the characteristics of the region with many industrial complexes, is promoting the 'Smart Energy Factory (such as solar power generation) Loan Support' project to transform industrial facilities from energy-consuming facilities to energy-producing facilities and to expand renewable energy.

This project is branded as the 'Incheon-type Renewable Energy' business, which produces and sells energy as a second product, and the city stated that it is a project without environmental damage or concerns about harm to the surroundings.

The city has secured a project budget of 1.5 billion KRW and provides low-interest loans at a fixed interest rate of 1.8% within a maximum of 70% (up to 340 million KRW) of the installation cost of solar power generation facilities (300 kW or less) for local industrial facilities.

Especially this year, the loan application target has been expanded to include not only businesses that sell electricity generated by solar power facilities but also those installing solar power facilities for self-use.

Applicants wishing to receive loan support must complete obtaining a power generation business permit and construction plan report (for self-use solar power, development activity permission and structural safety inspection must be completed) and then visit Incheon City to apply. The city recommends loans to Shinhan Bank, the Incheon city treasury, through evaluation.

An official from Incheon City said, "We expect the Smart Energy Factory loan support project to be of great help to industrial facilities burdened with the initial investment costs of solar power generation projects."

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This content was produced with the assistance of AI translation services.