South Korea's 2.3 GW Solar Tender Attracts Average Bid At Rs 8.85/ kWh.

Jan 7, 2022 02:32 PM ET
  • The South Korean Energy Agency (KEA) has actually introduced the outcomes of its 2nd major solar tender of 2.2 GW from 2021. With a target of over 30 GW of PV by 2030, South Korea is well on course to meet its targets, with overall installed capacity of 15.6 GW by the end of 2020.

The agency has announced that it has gotten bids for the full capacity available and it has as necessary assigned the full 2,203 MW available. The final average price was KRW143.120 (Korean Won) per kWh ($ 0.119.6), which was greater by KRW7 contrasted to that of the previous tender of the very same kind, in which 2,050 MW was designated. The names of victors were not introduced, thinking about the large variety of projects.

The tender featured 5263 PV projects varying in dimension from 100kW to 3 MW plus. While the largest share of close to 860 MW of projects remained in the 500 kW to 3 MW variety, installations with output between 100 and 500 kW, covered one more 400 MW. 700 MW was allocated for PV systems with a capacity above 3 MW, and also about 245 MW was alloted to projects with a capacity below 100 kW. The projects come with a with a two decades PPA structure in position.

As anticipated, smaller sized projects attracted a little higher bids with the last average cost for projects below 100 kW at KRW154.411. For projects in between 100 and 500 kW, the average price was KRW139.412, and also 500 kW and 3 MW, KRW141.464. Projects over 3 MW might attract rates no less than KRW139.742.

In 2020, the KEA had alloted 1.2 GW and also 1.41 GW while in 2019. A record 4.1 GW of capacity was actually included 2021. The target for 2022 is 'modest' 4 GW.

South Korea has actually followed even more of the Japan model for its energy mix, counting a lot more on nuclear power as well as Hydel to fulfill its low carbon energy demands. Thermal is the category it needs to bring down, which is trying via wind, PV and various other choices.

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