The local government of the municipality of Daegu (southern South Korea) has reached an agreement with a consortium led by the South Korean company Hanwha Asset Management to develop a 1.5 GW solar PV project. The PV panels will be installed on rooftops and available parcels of land at Daegu’s Sangyeok industrial complex.
Hanwha expects to invest KRW3tn (US$2.3bn) in the solar project, which will become the country’s largest solar installation once completed. Hanwha will build the plant in partnership with other South Korean companies, namely LS Electric and Hyundai Electric and Energy Systems.
South Korean solar PV capacity is growing rapidly and surpassed 18 GW in 2021 (+25% compared to 2020). The country aims to reach over 30 GW of solar capacity by 2030 and to reach 40% of renewables in the power mix by 2034 (9% in 2021). In June 2022, the South Korean Energy Agency (KEA) launched a 2 GW solar PV tender, which followed two tenders held in 2021, where the KEA allocated 2 GW and 2.2 GW of solar capacity.
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