An undated file photo of a wind power plant on the southern island of Jeju (Image courtesy of Yonhap)
SEOUL, March 20 (Korea Bizwire) — The government will provide incentives to public entities entering the offshore wind power market as part of efforts to promote the growth of the renewable energy industry, the industry ministry said Thursday.
Public institutions and companies that make a bid for the government’s offshore wind power development project will be able to enjoy preferential prices, including subsidies for electricity sales, for their contributions in the energy supply chain and security, according to the Ministry of Trade, Industry and Energy.
The project comes as part of the government’s push for public-led development of the sustainable offshore wind power market, aimed at improving the national energy security and promoting the transition from power generation using fossil fuels.
The ministry plans to open a bid for the project aimed at building offshore wind power facilities with up to 3.5 gigawatts (GW) capacity in May and once more later in the year if needed.
South Korea aims to build wind power facilities with a combined power generation capacity of 14 GW by 2030.
(Yonhap)
