South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has unveiled details for the first round of tenders scheduled for 2025 with a tender for 1 GW of solar and 1.25 GW of offshore wind. The MOTIE will put up for auction 1 GW of solar PV capacity; the tender will include a preferential price for solar modules with a lower carbon footprint (minimum CO2 emission level of 655 kg CO2/kW). On the other hand, the ministry also plans to open a solicitation for 1.25 GW of fixed-bottom offshore wind projects in June 2025, after which it will determine the available quotas for floating offshore wind and onshore wind capacity, with the projects incorporating those two technologies being tendered based on the remaining volume and bidding demand. Of the total 1.25 GW on offer, around 500 MW will be reserved for public-led offshore wind bidding and the remaining 750 MW will be for the general bidding market. The ceiling prices stand at KRW155.742/MWh (US$113.7/MWh) for solar and at KRW 176,565/MWh (US$128/MWh) for wind. The ministry plans to connect the awarded bidders with RE100 demand companies to sign PPA’s for their production.
At the end of 2024, South Korea awarded 2,085 MW of offshore wind and 1 GW of solar capacity in its latest auctions. MOTIE plans to add 40 GW of renewables by 2030, generating 134 TWh in 2030 (204 TWh in 2036).
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