Solar PV to outshine other renewables in South Korea

Facebook
Twitter
LinkedIn
Reddit
Email
Rooftop PV and large-scale project tenders launched by the Korea Energy Agency will be the main drivers for the growth of solar. Image: Daniel Bernard via Unsplash.

Solar PV will be the most dominant non-hydropower renewable in added capacity during the next ten years in South Korea, according to a report from Fitch Solutions Country Risk and Industry Research.

The installed capacity from renewables will grow from nearly 25GW at the end of 2022 to 46GW in 2032, for which solar PV will contribute 12GW during that timeframe.

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

Rooftop PV and large-scale PV project tenders launched by the Korea Energy Agency will be the main drivers of solar’s outburst.

With the change of government last year, the new administration removed the target for renewables to make up 70% of the power mix by 2050 and revised the targets for the end of the decade from 30.2% to 21.5% as it favoured building more nuclear plants.

Solar PV will have the highest growth among non-hydropower renewables in South Korea. Image: Fitch Solutions.

However, non-hydropower renewables are expected to experience the strongest growth in the next ten years in terms of electricity supply contribution, with an annual average rate of 6.3%.

Recent announcements in South Korea’s PV sector include local renewable energy developer SK D&D forming a joint venture with Glenmont Partners to invest in solar PV in the country with a first phase comprising 80MW of PV projects and Portuguese utility EDPR Sunseap signing a memorandum of understanding state utility Korea East-West Power to jointly develop renewable projects in South Korea and across the Asia Pacific region.

Read Next

February 13, 2025
Australia’s Clean Energy Council said 2024 was the best year for renewable energy investment since 2018, with AU$9 billion committed.
February 3, 2025
Australia-based Clean Energy Investor Group (CEIG) has suggested that the outdated National Electricity Market (NEM) design is stifling investment in large-scale renewable generation projects in Australia.
January 21, 2025
Malaysia’s Ministry of Energy Transition and Water Transformation (PETRA) has opened a tender seeking 2GW of large-scale and floating solar PV.
December 12, 2024
Australian trade association Clean Energy Investor Group has warned that the Environment Protection and Biodiversity Conservation (EPBC) Act has seen a doubling in decision-making periods from 2021 to 2023.
December 9, 2024
Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has revealed that large-scale solar PV capital costs have fallen by 8% in Australia for the second year running.
November 14, 2024
The sixth PPE2 tender for ground-mounted solar ended up slightly oversubscribed as the French government tendered for 925MW of PV capacity.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany
Solar Media Events
March 18, 2025
Sydney, Australia