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ATTENTION: We are aware of a fake crowdfunding campaign in the Democratic Republic of the Congo (DRC) created by a group of fraudsters. BayWar.e. has no business interests in the DRC. This is a scam and in no way connected to our business. You can contact us on this topic at DRC(at)baywa-re .
This was made possible thanks to close ties to local authorities, communities, and businesses. Applying global expertise with local knowledge is a formula that''s worked well across the region.
ChanSoo Larry Kim, Head of Project Development at BayWar.e. Korea Co., Ltd. said, "Completing this project relatively quickly since our market entry to South Korea in late 2019 showcases one of our key strengths at BayWar.e., which is the synergy of global expertise and flexible strategy for each market.
"I''m also thrilled to say this project is already sold to an investor. Our next step will be expanding the existing pipeline not only in terms of capacity but without limitation of applications such as floating-PV or Agri-PV. We are also keen to support more corporate customers who are encountering RE100 or carbon neutral topics."
BayWar.e. Korea Co., Ltd. has recently moved to a larger office in TwinCity Namsan near Seoul station and the team expects to grow beyond 20 employees within the end of the year. The company is also seeking to invest into onshore and offshore wind energy.
Daniel Gaefke, APAC Director, BayWar.e., said, "we place a high priority on our relationship with local communities. The goodwill and ambition to hit climate targets are there at the highest levels. BayWar.e. are delighted to play a role in supporting South Korea''s renewable energy plan."
The 41 MW facility was built by Korean developer Scotra with solar modules provided by South Korea-based manufacturer Hanwha Q-Cells. It was deployed on a water reservoir at the Hapcheon dam, in the South Gyeongsang province.
South Korean floating PV specialist Scotra has completed construction on a 41 MW floating solar array on a water reservoir at the Hapcheon dam, in South Korea''s South Gyeongsang province.
The plant was constructed for Korea Water Resources Corp., which is a governmental agency that manages water resources.
The facility is the largest floating PV plant built in the country to date. It was built with the Q.Peak Duo Poseidon modules for floating projects provided by South Korea-based manufacturer Hanwha Q-Cells and floating structures supplied by Scotra itself.
The floating plant has the shape of a flower and, according to the project developer, will also become a tourist attraction.
Scotra previously built a 25 MW floating solar plant on a reservoir in Goheung county, in the South Korean province of Jeollanam, and a 500 kW pilot floating array at the Hapcheon dam itself.
The company is also developing a 72 MW project at the Saemangeum sea wall on the Yellow Sea, for which it has also built a new 300 MW factory to produce floaters and frames.
In March, the South Korean Ministry of Environment announced a plan to install around 2.1 GW of floating PV capacity by 2030. The new 2.1 GW program is part of South Korea''s plan to become carbon-neutral by 2050. It will add to the 2.1 GW floating solar complex the South Korean government is developing near the Saemangeum tidal flats, on the coast of the Yellow Sea.
More articles from Emiliano Bellini
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The figures point toward a continued slowing down of South Korea’s solar market. In the “IEA-PVPS Annual Report 2023,” released earlier this year, contributing author Donggun Lim said that after peaking at 4.66 GW in 2020, annual installations have declined, with 3.92 GW in 2021, 3.28 GW in 2022, and an estimated 3.31 GW in 2023.
If the Korea Energy Agency’s full-year estimate for 2024 materializes, it would be the lowest figure for annual deployment since 2018, when 2.59 GW were installed.
“This decline is related to the government’s nuclear-centric energy policy, tightening regulations, and shrinking budgets for solar power, and is expected to continue in the coming years,” said the IEA-PVPS report.
It called the outlook for renewable energy “negative” in South Korea, with the current government lowering renewable portfolio standard targets and increasing targets for nuclear power generation.
“The current government has drastically cut the 2024 budget for renewable energy,” it said. “The budget for renewable energy support items from the power industry infrastructure fund was reduced by 42.3%, the budget for support for renewable energy deployment was reduced by 35.4%, the budget for feed-in tariff was reduced by 65.1%, and the budget for financial support for renewable energy was reduced by 27.5%.”
Despite an apparent deprioritization, solar auctions continue to take place in South Korea. The country has operated a solar tender system annually since 2011, which has taken the shape of competitive bidding for fixed-price contracts since 2017. In 2023, auctions procured 272 MW in the first half and 60 MW in the second half of the year, totaling 332 MW of capacity.
Jiyhe Gwak, principal researcher at the Korea Institute of Energy Research, told pv magazine that a tender is planned later this month, with the announced capacity yet to be determined.
Gwak added that PV deployment in South Korea is led by utility-scale installations, with solar projects “notably driven by private sector participation, with a focus on medium- to large-scale installations considering capital requirements and site availability.”
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