October 31 (Renewables Now) - The president of South Korea, Moon Jae-in, announced on Tuesday that the country plans to build a 4-GW solar and offshore wind in the Saemangeum area.
To be located on land in Gunsan, Jeollabuk-do Province, the future mega-scale complex will receive KRW 10 trillion (USD 8.8bn/EUR 7.7bn) in private investments for its development, the president said during a ceremony held at the floating solar power plant in Gunsan.
A press release from the provincial government says that the plan involves adding 1 GW of offshore wind and 3 GW of solar power capacity.
The huge complex is scheduled to start production by 2022. In addition to the energy generating plants, the project will also add related manufacturers and research institutes.
As part of an energy plan introduced last December, South Korea aims to lift the share of renewables in its total power mix to 20% by 2030 in a drive to cut dependence on coal and nuclear power.
(KRW 1,000 = USD 0.88/EUR 0.77)