South Korea’s MOTIE has opened a tender for 1 GW of solar. The ministry has released the details of the procurement exercise, with a ceiling price of KRW 157,307/MWh for proposed solar projects.
The ministry said this is an increase on last year’s cap, taking into account recent bidding competition rates.
“In order to promote the use of low-carbon solar modules that emit less carbon during the manufacturing process, a preferential price was introduced for the first time, allowing the cost gap by product to be reflected in the contract price,” the ministry said in statement.
The government also plans to procure 1.8 GW of wind, consisting of 300 MW of onshore capacity and 1.5 GW of offshore projects. An upper price limit was set at KRW 165,143/MWh for onshore wind and KRW 176,565/MWh for offshore wind.
The ministry said it plans to connect solar and wind companies that enter into fixed contracts under this tender with RE100 demand companies to sign power purchase agreements.
South Korea installed 1.2 GW of solar in the first half of 2024, according to the Korea Energy Agency.
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