A solar power project is being planned in South Korea by energy investor Octopus Energy Generation and local company Skygreen Energy. The plan is to build up to 20 small and medium solar farms over the next two years. These farms are expected to produce 140 megawatts (MW) of electricity.
According to the developers, this electricity could power around 45,000 homes each year. The new solar farms will be located mainly in the mid-western parts of South Korea. The goal is to supply clean electricity to companies in technology, manufacturing, and heavy industries. These companies currently use high levels of energy from carbon-heavy sources.
Skygreen also has longer-term plans to expand its solar capacity to 500 MW. It may also develop other types of renewable energy projects, such as wind power and battery storage, in the future. These additional projects have not yet been announced in detail.
South Korea now generates about 30% of its electricity using coal. The government has set a target to increase renewable energy’s share of the total supply from 10% in 2022 to 33% by 2038.
Octopus Energy had previously invested in other clean energy ventures in Asia. One of its projects is with Deep Wind Offshore, which is working on offshore wind developments in South Korea. Another project involves Yotsuya Energy, a company building solar farms in Japan.
This latest investment in South Korea is being made through the Sky fund, which is managed by Octopus Energy Generation. The fund is focused on renewable energy assets.
Skygreen and Octopus aim to supply clean electricity while also reducing the need for imported fossil fuels. Their project is also expected to support local job creation and contribute to South Korea’s long-term energy goals.
