SEOUL, April 26 (Korea Bizwire) – The South Korean government is continuing its efforts to encourage the use and trade of renewable energy including solar and wind power.
A new initiative spearheaded by the Ministry of Trade, Industry and Energy (MOTIE) to install solar panels on the rooftops of around 2,500 schools by 2020 was revealed at a launch event yesterday at Chungbuk Girls’ High School, the first education institution to be part of the government’s renewable energy action plan.
The MOTIE’s move in collaboration with the Korea Electric Power Corporation (KEP) to equip schools in South Korea with solar panels is the latest in a series of government-backed initiatives to produce and profit from renewable energy.
The KEP is expected to pump 500 billion won into the school project until 2,500 schools have a total of 250MW of solar power capacity, a venture that is expected to be completed in 2020.
The proceeds will go towards the host schools, which can be used to cover school operating expenses including rent and electricity bills.
In addition, the MOTIE plans to double access to the electricity grid for small-sized renewable energy businesses as part of its bid to ease transmission congestion.
The allotted amount of electricity to each electricity transformer owned by small renewable energy business owners will be 50MW, double the previous amount of 25MW.
The MOTIE’s decision to expand electricity allowance comes in the wake of transmission congestion caused by a recent surge in the number renewable energy businesses.
Ashley Song (email@example.com)