Government Invests 561 Billion KRW in Solar and Wind Power Expansion... 25% Increase from Previous Year
Ministry of Industry Provides 561 Billion KRW in Financial Support for Renewable Energy Projects
[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will provide a total of 561 billion KRW in financial support this year to power producers and related companies to expand the spread of renewable energy. This is a 25% increase compared to last year.
The Ministry of Trade, Industry and Energy announced on the 28th that it will announce the '2021 Renewable Energy Financial Support Project' and the 'Green Innovation Financial Project (Resident Participation Fund)' starting from the 29th, and begin accepting applications from the 31st.
The financial support project mainly provides loans for installation funds and production/operation funds to renewable energy power producers and companies producing related products. The resident participation fund targets nearby residents who wish to participate in large-scale wind and solar power projects.
The project scale was set at 561 billion KRW, reflecting the trend of expanding renewable energy distribution, which is a 25% (112.5 billion KRW) increase compared to last year. Financial support accounts for 524 billion KRW, and the resident participation fund is 37 billion KRW. Through long-term low-interest loans, it aims to promote the expansion of renewable energy distribution and foster related industries, while supporting the sharing of power generation profits with local residents.
The main support targets of this year's renewable energy financial support project are ▲rural solar power (320.5 billion KRW) ▲industrial complex solar power (150 billion KRW) ▲urban solar power (20 billion KRW) ▲other support projects (33.5 billion KRW). The resident participation fund also supports 37 billion KRW, providing long-term low-interest loans up to 90% of the investment amount (within 4% of the total project cost) when nearby residents of large-scale wind (3MW or more) and solar power (500kW or more) plants want to participate in power projects (through bonds, equity, funds, etc.).
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Detailed project information can be found on the Ministry of Trade, Industry and Energy website starting from the 29th.
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