Lack of natural resource, over 98% is imported for the energy utility in South Korea. In order to adjust the energy structure, South Korea focused more on renewable energy and confirmed to develop renewable energy in future. South Korea has abundant solar radiation and wind resource which is a outstanding location for renewable energy exploration.
In place of Feed-in-Tariff, South Korea set up the “Renewable Portfolio Standards” in 2012 to push forward renewable energy development and hope to establish a whole mature renewable market with a completed value chain, especially in solar energy and offshore wind energy. Besides, MOTIE published the “Renewable Energy 3020” target for future South Korean energy market. South Korea will achieve 63.8GW installed capacity in 2030 plan including 58.5GW solar power energy and wind energy. Over 48.7GW will be installed between 2018 – 2030 and 110 billion US$ will be invested in solar and wind energy.
Around 2.5GW offshore wind energy and 14GW solar power energy will be installed before 2020. In this booming renewable market, more projects and opportunities appear for investors, EPC contractors and suppliers.
What SKRES 2019 can provide is not only the market intelligence, but also the opportunities to connect with those capable local partners to push forward Korean renewable energy market together.
We do look forward to seeing you in Seoul in April!
Event Categories: Event: Summit, Sector: Photovoltaic Energy, Sector: Renewable Energy and Solar Events
