Solar power generation facilities on Jeju Island is seen in this photo provided by the provincial government.
JEJU, May 5 (Korea Bizwire) — Discussions are currently underway on the southern resort island of Jeju to expand the profit-sharing system that is currently in effect for wind power generation to include solar power generation as well.
The Jeju provincial government on Thursday held a panel discussion with experts to exchange views on the legal basis and appropriate level of the profit-sharing fund for solar power generation facilities.
The targets of the profit-sharing system are companies with solar power facilities that have a production capacity of more than 3 megawatts of electricity.
The levied amount is likely to be 17.5 percent of net profits, which is the same as the standard for the payment of the wind power profit-sharing fund.
The fund generated from the profit-sharing system will be used as a financial resource for projects that can minimize the negative impact of solar power generation on the environment and power grid, recycle waste solar panels, and promote the development of the renewable energy industry.
In terms of wind power generation, the wind resource profit-sharing fund, created in 2017, had generated proceeds of about 22 billion won (US$16.5 million) as of 2021.
M. H. Lee (mhlee@koreabizwire.com)
