South Korea’s Ministry of Trade, Industry and Energy has launched a tender to procure 1 GW of solar PV capacity. The price cap for the tender is set at KRW157.3/MWh (US$11c/MWh). The round will introduce a preferential price for low-carbon solar modules to promote solar modules that emit less carbon during the manufacturing process. The ministry also decided to conduct a pilot project for the power purchase agreement (PPA) intermediary market to revitalise the private market. The initiative expects to provide matching opportunities for RE100 demand companies and projects selected in the solar competitive bidding.
Earlier in October 2024, the Ministry launched a tender to procure 1.8 GW of wind power, including 1 GW of fixed-bottom offshore wind, 500 MW of floating offshore wind, and 300 MW of onshore wind.
At the end of 2023, solar accounted for about 18% of South Korea’s total installed capacity with 27 GW of solar installed.
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