South Korea solar tender Launches 1 GW Initiative for 2025
South Korea’s Ministry of Trade, Industry, and Energy (MOTIE) has launched its first solar energy tender for 2025, aiming to procure 1 GW of solar power. This tender marks a significant step in South Korea’s commitment to expanding its renewable energy sector and reducing its dependence on fossil fuels. The tender is open to both domestic and international solar power developers, and it will be conducted in two phases. The first phase will involve the submission of proposals and the evaluation of technical and financial qualifications. The second phase will involve the selection of the winning bids and the signing of power purchase agreements (PPAs).
South Korea solar tender Drives Renewables Expansion Plan
The ministry plans to conduct five solar tenders in 2025, with a total capacity of 3.25 GW. The second solar tender for next year is set to be launched on April 1, 2025, with a capacity of 0.5 GW. The third auction will take place on May 1, 2025, with a volume of 0.5 GW. The fourth and fifth auctions are scheduled for July 1 and October 1, 2025, offering capacities of 0.75 GW and 0.5 GW, respectively.
In 2024, MOTIE held five solar tenders, procuring a total of 1.79 GW of solar capacity. The auctioned capacities ranged from 0.29 GW to 0.54 GW, with ceiling prices set between KRW 103.83 ($0.07)/kWh and KRW 112.50/kWh.
In the nation’s most recent solar auction in 2024, MOTIE allocated 0.4 GW of solar capacity, with the final tariffs ranging from KRW 98.20/kWh to KRW 103.83/kWh. South Korea currently has a cumulative installed solar capacity of 25.9 GW, according to data from the International Renewable Energy Agency (IRENA). For more insights into South Korea’s solar panel manufacturing, you can read the South Korea Solar Panel Manufacturing Report.
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South Korea solar tender Provides Boost to Renewable Energy Goals
This solar tender is a significant step in South Korea’s efforts to increase its renewable energy capacity and reduce its reliance on fossil fuels. The nation has set ambitious targets for renewable energy, aiming to achieve 35% renewables in its energy mix by 2040. Solar power, along with wind energy, is a key component of this strategy.
By conducting multiple solar tenders throughout the year, MOTIE is encouraging the rapid development of solar power projects. This approach not only helps to meet the country’s renewable energy targets but also supports the growth of the domestic solar industry, creating jobs and stimulating economic activity.
The upcoming solar tenders in 2025 will provide further opportunities for developers to invest in South Korea’s renewable energy sector. With a total of 3.25 GW of solar capacity up for grabs, these tenders will play a crucial role in the country’s transition to a more sustainable energy system.
International Developers Join South Korea solar tender Efforts
The participation of international developers in these tenders is also expected to bring in new technologies and expertise, further boosting the efficiency and competitiveness of South Korea’s solar power sector. The government’s commitment to renewable energy, combined with the attractive tariffs offered in the tenders, makes South Korea an appealing destination for global solar power companies. You can explore more about South Korea’s solar initiatives through Octopus Energy Solar Farms: 20 Stunning Projects Transforming South Korea.
As South Korea continues to expand its solar capacity, it is also expected to invest in supporting infrastructure, such as energy storage systems and smart grids, to ensure the stability and reliability of its electricity supply. These investments will be crucial in integrating the growing share of renewable energy into the national grid and achieving the country’s long-term energy goals.
