In China renewable energy generation now surpasses fossil fuels
Between 2021 and 2022, South Korea’s solar energy capacity leaped from 18.16GW to 20.97GW. This substantial increase in solar is linked to the deployment of floating solar facilities in the region. Floating solar facilities are leading generation in Asia because of the lack of land due to mass urban development and agricultural expansion.
Continued deployment of floating solar has led to the commissioning of the Saemangeum Floating Solar Power Project. Located in North Jaella, the facility is expected to be the World’s largest floating solar power plant scaling 11.6squared miles. Construction is expected to begin this year with the facility open for commercial operation in 2025. Once fully operational, the Saemangeum Floating Solar Plant will generate enough electricity for 1million homes. Power from the plant will be supplied to Korea Hydro and Nuclear Power under a Power Purchase Agreement (PPA). The projected offtake capacity will sit at 300MW.
An already operational floating solar facility in South Korea is the Hapcheon Dam Floating Solar Power Project. The 41MW floating solar structure has been operational since 2021 and has 92,000 solar panels installed. What makes the project unique is its community investment, where 1,400 residents contribute to equal to $2.6billion. This investment covers 4% of the total project costs with a 10% annual return over 20years.
Deployment of floating solar in South Korea does not come without its challenges. Floating solar systems are, according to The World Bank, 18% more expansive than land-based projects. This is because of the more advanced technologies needed to cater for the different environments of floating solar.
The decline in solar energy tenders conducted by the Korean Energy Agency is also a big issue with only 1.4GW allocated to buyers of the 2.2GW of capacity available. Stricter land laws and regulation, as well as public opposition, has made it increasingly difficult to identify appropriate locations for floating solar facilities.
The growth of solar in South Korea is impressive but multiple socio-economic issues are underpinning its continued success.
(Image credit: Power Technology)
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