South Korea launches tender for 2.8GW of renewable capacity, including 1GW of solar

October 29, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
A South Korean solar project using LONGi modules.
South Korea is looking for renewable power to account for 21.6% of its energy mix by the end of the decade. Image: LONGi.

The South Korean Ministry of Trade, Industry and Energy has launched a tender for fixed-price solar PV and wind projects, looking for 2.8GW of new renewable power capacity.

The tender will be split into two parts, with 1.8GW allocated for wind—itself split between 1.5GW for offshore wind and 300MW for onshore wind—and 1GW allocated for solar PV. The upper price limit for bids will be set at KRW157.3/kWh (US$0.11/kWh) and is an increase on the upper limit set for last year’s tender, which reached KRW153.5/kWh.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Additionally, this round of tenders will include “preferential pricing”, which will allow developers to negotiate the final contract price, based on the carbon footprint of the modules they plan to use in their projects. In theory, developers could bid for higher contract prices, using modules with lower carbon footprints, as South Korea looks to minimise its carbon footprint across its energy supply chain.

The government will also launch a pilot project for the power purchase agreement (PPA) “brokerage market” for successful applicants to the tender round. Projects with a power capacity of more than 1MW will be eligible for this scheme, and 36 Korean companies that are members of the RE100 list of companies will collaborate to work on offtake agreements, with the government aiming to expand the target and scope of the project in the future.

South Korea has operated an annual fixed-price bidding programme for solar projects since 2017, and its latest tender round is significantly more ambitious than in previous years. In the entirety of 2023, the government awarded just 332MW of new solar capacity, as it looks to expand its operating renewable power portfolio from just 7.5% of the country’s energy mix in 2021 to 21.6% by the end of this decade.

The news follows a number of new project announcements in South Korea, including leading Chinese manufacturer Trina Solar signing a deal for a 100MW portfolio and Peak Energy signing a memorandum of understanding for a rooftop portfolio.

Read Next

October 23, 2025
Infrastructure investment firm Nuveen Infrastructure has secured US$171 million in financing for a 137MW solar PV plant in South Korea.
October 23, 2025
Powerlink Queensland is seeking federal approval to expand its existing 330kV Bulli Creek Substation in Southern Queensland to accommodate the grid connection of Genex Power's 775MW Bulli Creek solar PV power plant.
October 22, 2025
The Queensland government has launched the Social Licence in Renewable Energy Toolkit, providing local councils in Australia with resources to navigate renewable energy project engagement and community consultation processes.
October 20, 2025
New federal policies in the US will 'cloud' the country’s renewable energy sector, according to a webinar hosted by Wood Mackenzie.
October 20, 2025
Bahrainian authorities are inviting initial proposals from developers to build a 100MW solar project in the country, due for commercial operation by September 2027.
October 15, 2025
The average price of a solar PPA signed in North America increased 4% between the second and third quarters of 2025, according to LevelTen.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal