South Korea awards 2 GW of solar capacity at US$11.8c/kWh

21 Jul 2021

The South Korean Energy Agency has awarded 2,050 MW of solar capacity at final average price of KRW136.1/kWh (US$11.8c/kWh, i.e. -5% compared to the previous auction). The tender was launched in May 2021. Almost 7,700 projects were selected by the agency. Selected projects will receive a fixed rate under a 20-year contract under the country’s renewable energy certificate (REC) scheme and will sell their electricity to local power distributors.

South Korea is expected to allocate 4 GW of solar capacity 2021 across two tenders. The second tender should take place in October 2021. Solar accounts for 13% of the country’s installed capacity, with nearly 16 GW.

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