South Korea will build the world's largest floating solar project with 2.1GW of installed capacity

South Korea's Ministry of Trade, Industry and Energy (MOTIE) has announced that it will develop a 2.
1 GW floating solar power project
.

When completed, the project will be 14 times
larger than the world's largest floating solar project (a 150 MW project under construction in China).

The mega project will be installed on Saemangeum Seawall, the longest man-made located on
the southwest coast of the Korean Peninsula.

According to reports, the total investment of floating solar power projects is about 3.
9 billion US dollars.

The project will be built
in two phases.
In the first phase, the target of 1.
2 GW is expected to be completed by 2022, with the remaining 900 MW completed in 2025
.

The projects are expected to make a significant contribution to the country's renewable energy plan, which aims to secure 30.
8 GW of solar power by
2030.
According to the statement, the project will be able to power
about 1 million homes.

The Korean government believes that floating solar projects will not only provide opportunities and vitality for the domestic renewable energy industry, but also accelerate efforts
to achieve the government's 2030 renewable energy target.

Asia's fourth-largest economy aims to generate 35%
of electricity from renewable sources by 2040.
Currently, renewable energy accounts for only 8% of South Korea's
energy generation.

South Korea earlier announced that it would build a 4 GW solar and wind complex on the reclaimed land of Shinmanjin in Gunsan
.
The complex will be located on the west coast
of South Korea's Jeollabuk-do province.

In July 2018, Korea's state-run power company, Korea Electric Power Company (KEPCO), signed a memorandum of cooperation with the Power Grid Corporation of India (PGCIL) to expand renewable energy projects
in both countries.