Gov't to set up renewable energy fund to bolster clean power use

SEOUL, Jan. 30 (Yonhap) -- The government said Friday that it plans to set up a 100 billion won (US$72.2 million) renewable energy fund this year to bolster South Korea's clean energy production infrastructure.

The fund will be used to attract private sector investments in solar, wind and
hydroelectric power generation technologies and construction of new facilities,
the Ministry of Knowledge Economy said.
As part of this plan, the government will work alongside local administrations to
build 26 indigenous wind power generators on both the east and west coast this
year. The project, which could generate a combined 24 megawatts of power, is
expected to help local companies win future orders in the domestic market that
has been dominated by foreign suppliers. Of the 146 wind generators in the
country, only one was made locally.
The ministry in charge of the country's industrial and energy policies also said
that feasibility studies are to be conducted for construction of a large-scale
wind farm on the Saemangeum reclamation site with a capacity to generate 40
megawatts of power.
The Saemangeum project calls for reclaiming 28,000 hectares of mud flats about
270 kilometers southwest of Seoul for agricultural and industrial use, with the
government also planning to use the site as a testbed for clean energy
production.
Other projects to be pursued call for building eight small hydroelectric power
plants on four rivers slated for development to strengthen the country's ability
to deal with floods and drought.
Two power plants are to be built on the Han, Nakdong, Geum and Yeongsan rivers
each, with total power generation to top 3.2 megawatts each.
The ministry also said that measures will be taken to start construction on a
marine-based biofuel plant scheduled for completion in 2013, while 16,000
energy-efficient green homes are to be built this year.
It added that in order to boost exports of renewable energy technologies and
products, Seoul will host the largest international exhibition on clean energy in
Northeast Asia.
Exports of renewable energy technologies and products stood at US$1.2 billion,
which Seoul wants to raise to $2.2 billion this year.
The private sector, meanwhile, said they will invest 3.1 trillion won in the
clean energy sector this year, up 66 percent from 2008. Companies claim the move
could help create 3,200 new jobs.
yonngong@yna.co.kr
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