South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has kicked off a tender for 1 GW of solar and 1.25 GW of wind. The ceiling prices for solar contracts stands at KRW 157,307 ($113.6)/MWh.
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 155,74 ($113.6)/MWh for proposed solar projects.
The ministry said this is a decrease on last year’s cap of KRW 157,307/MWh, taking into account recent bidding competition rates and lower levelized cost of energy for PV.
The tender also includes a preferential price for solar modules with a lower carbon footprint, with the required minimum carbon emission level being 655 kg CO2/kW.
Last year, MOTIE allocated 1 GW of PV in a similar procurement exercise.
This year, the government also plans to procure 1.25 GW of onshore wind power. The upper price limit was set at KRW 176,565/MWh.
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 2.5 GW of new solar capacity in 2024, bringing its cumulative PV capacity to more than 29.5 GW, according to the Korean Energy Agency.