BayWa r.e. to work on South Korea solar debut via new office

Facebook
Twitter
LinkedIn
Reddit
Email
Image credit: Dconvertini / Flickr

BayWa r.e. has added South Korea to its list of target markets, dropping its anchor in Seoul to oversee the deployment of its first solar pipeline in the country.

The clean energy developer revealed this week it opened an office in South Korea’s capital city earlier in September, to seize the window opened by this year's policy reform.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“With support from the South Korean government, the renewable energy market is seeing a resurgence and we see significant opportunities,” said the firm’s CEO Matthias Taft.

“We are already looking for investors for initial solar projects and are confident others will quickly follow”, the executive added in a statement.

BayWa r.e.’s announcement stated three “early-stage” solar projects are already being worked on, with plans to expand later into other segments.

Contacted by PV Tech, the firm declined to shed light on the three solar projects’ capacity or location but noted they range from utility-scale ground-mount projects to C&I rooftops.

According to the developer’s statement, wind projects may “soon” follow, as well as a move to open a solar distribution unit in the Philippines.

Seoul’s renewable campaign draws foreign eyes

BayWa r.e.’s move brings another foreign name to South Korea’s renewable market, said by IRENA to host nearly 8GW in installed solar capacity as of the end of 2018.

The Asian state faces binding renewable targets by 2030 (20%) and 2040 (30-35%) and has enacted separate clean energy goals for suppliers, to be met by via 20-year PPAs with developers.

With potential exceeding 5GW, the country is seen as an upcoming floating PV hotspot and has proposed a scheme – a 2.1GW plant by the Saemangeum dam – dwarfing all existing projects.

As noted by BayWa r.e.’s Asia-Pacific (APAC) Director of Projects Daniel Gäfke, the clean energy shift will require “huge effort” for a country where less than 8% of power generation is renewable.

“We are looking forward to playing our part in supporting South Korea reach this target,” Gäfke commented, describing the state as a key part of BayWa r.e.’s APAC expansion efforts.

The firm’s new base in the region comes to join existing operations in Thailand, Malaysia, Indonesia, and Australia, with a Southeast Asian solar business formally launched in 2016.

The developer has also been busy on European soil, deploying subsidy-free PV under the Don Rodrigo series in Spain and eyeing similar pipelines in Italy, Germany and others.

21 March 2024
This special webinar will look at one of the most important changes impacting PV manufacturing today; how to establish and sustain new facilities around the world. For more than two decades, policy-makers have grappled with the challenges of nurturing domestic manufacturing sectors. Many countries have tried to create domestic sectors: Japan, Taiwan, South Korea, India, Europe and the U.S. But success stories have been rare. Mistakes seem to be repeated. And all the while, Chinese dominance of the industry has only increased. However, in the past 2-3 years, new drivers have emerged that suggest the dream of a global PV manufacturing ecosystem could be a reality. Join us as we shed light on this.
26 November 2024
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 28, 2024
Seattle, USA
Solar Media Events, Industry Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA