A major injection of cash and investments in South Korea’s renewable energy industry is on the horizon as South Korea’s nine state-run energy companies plan to invest 3 trillion won ($2.35 billion), reported Reuters. It seems the Ministry of Knowledge Economy announced that 1.33GW of renewable energy capacity will be installed in the country by the end of 2011.
“Considering returns on the recent three-year investment, the nine firms will raise their investment by five times for renewable energy supply,” a government document cited in the report claimed.
The nine companies – Korea Electric Power Corp. (KEPCO), Korea Water Resources Corp., Korea District Heating Corp. and six power companies – have, over the past three years, invested a total of 605.9 billion won in the industry. Encompassing solar, wind and hydroelectric power, South Korea’s renewable sector will account for approximately 1.7% of the country’s total energy generation.
The news is further to the announcement made last week that stated the South Korean government is to up its investment in researching renewable energy efficiency over a five-year period.