[2022 National Audit] Yoon Chang-hyun "Total Solar Power Loans 32 Trillion Won... Risk Increasing Tremendously"

Yoon Chang-hyun, a member of the People Power Party, is making a parliamentary procedure statement after receiving protests from opposition lawmakers regarding his claim that opposition figures were involved in the Eastar Jet recruitment corruption during the government audit of the Office for Government Policy Coordination held at the National Assembly on the 4th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Sim Nayoung] Yoon Chang-hyun, a member of the National Assembly's Political Affairs Committee from the People Power Party, stated at the Financial Services Commission's national audit on the 6th that the scale of loans and private equity funds for solar power projects has reached 26.5 trillion won, warning that these loans could lead to insolvency.

Yoon said, "How did the previous government manage solar power loans to end up like this?" He pointed out, "Loans from mutual finance institutions alone amount to nearly 5 trillion won, so about 32 trillion won (26.5 trillion won + 5 trillion won) is heavily concentrated in solar power loans, significantly increasing the risk."

He continued, "(Solar power loans) are based on variable interest rates, so (as interest rates rise) it has become chaotic," and questioned, "The collateral for (solar power loans) is farmland and forest land, which cannot be sold, so will the loan amounts be recoverable?"

In response, Kim Joo-hyun, chairman of the Financial Services Commission, said, "If there are problems with collateral evaluation or the loan process, the financial authorities need to review them," adding, "The Financial Supervisory Service is currently assessing the situation, and results will be released soon. We will also see what cooperation is needed with other government departments."

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