The photo, provided by Doosan Heavy Industries and Construction Co., shows wind turbines at an offshore wind farm in South Korea.
SEOUL, Jan. 27 (Korea Bizwire) — Financial benefits for residents, farmers and fishermen who have invested in the construction of solar power plants or wind farms are about to increase, the industry ministry said Thursday.
The Ministry of Trade, Industry and Energy announced that it will put up an administrative notice to amend several parts of the management and operational guidelines in the residential participation program.
The residential participation program enables local residents, farmers, and fishermen to reap more financial rewards by providing more renewable energy certificate (REC) values.
The ministry will allow local residents, farmers and fishermen to account for more than 30 percent of investment in the establishment of power plants, and reflect the size of their participation when estimating the REC value.
Local residents and farmers can invest 45 million won (US$36,520), fishermen 60 million won, and outside residents, 30 million won to receive distributed profits.
In order to level the profit rate among residents from plant to plant, the ministry will regulate REC values depending on the difference between the power plant’s usage rate and the cost of the power plant project.
The added REC value for the investment of offshore wind power plants, for example, may exceed land-based wind power plants by 50 percent.
M. H. Lee (mhlee@koreabizwire.com)
