South Korea’s Workplace for Authorities Coverage Coordination (OGPC) mentioned final week that KRW 582.4 billion ($408.4 million) in funds have been illegally allotted to a number of renewable vitality initiatives underneath former President Moon Jae-in.

The company reported 5,359 circumstances of unlawful fund administration, with 3,010 involving photo voltaic initiatives that raised set up prices for extreme loans by means of the tender course of. The circumstances primarily concerned unlawful loans, illegal subsidy allocation, and bid rigging.

That is the second investigation by South Korean authorities on renewable vitality subsidy allocation. The primary investigation recognized 2,267 circumstances of unlawful fund administration in 12 native governments through the five-year interval of the earlier authorities.

South Korea’s Ministry of Commerce, Business and Power (MOTIE) just lately lowered the feed-in tariff coverage and renewable vitality certificates (REC) issuance underneath renewable portfolio customary (RPS) scheme for 2023 onwards. This led to a 50% discount in photo voltaic PV bid dimension underneath the REC scheme, from 2,000 MW to 1,000 MW.

The South Korean Power Company held two 4 GW PV tenders, allocating capability within the 2 GW and a couple of.2 GW rounds in 2021, and contracting 1.2 GW and 1.4 GW in 2020.

South Korea has 20.9 GW of put in PV capability, in accordance with the Worldwide Renewable Power Company (IRENA).

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