South Korea to give incentives for energy storage as part of renewables spending spree


With Asia now leading the way in solar manufacturing and development it seems that South Korea does not want to be left behind, as it outlines fresh incentives for solar plus storage and commits to large-scale renewable spending over the coming years. The Ministry of Trade, Industry and Energy made the announcements amidst Asia Power Week, which is currently taking place in South Korea’s capital Seoul.

The new storage scheme looks to encourage solar developers and large-scale operators to install storage systems alongside utility-scale solar plants by offering additional points on assessment of their renewable energy certificates. The program, which will begin in 2017, is part of the government’s efforts to support and enhance the country’s renewable energy market, specifically by developing the necessary infrastructure and support for renewable energy deployment.

The large-scale energy storage market in South Korea is currently experiencing a dramatic incline with 240 MWh installed by the end of 2015, and the Korean Electric Power Corporation (KEPCO) working with Korean battery provider Kokam for more large-scale storage projects. With this incentive, the government expects there will be 440 billion won (USD391.6 million) of new demand for energy storage by 2020.

Popular content

In addition to the incentives for energy storage, the Energy Ministry also announced that the country had committed to invest USD 27 billion in renewables energy over the next five years. This is to help the country achieve its target of having 6% of its energy mix carbon-free by 2020, and to reduce its carbon emissions by 37% by 2030.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.