Renewable Energy Corp to invest 10 mln euros in solar power plant in South Korea |
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Tue, 28 Aug 2007 14:25
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OSLO (Thomson Financial) - Renewable Energy Corporation ASA said it is to invest 10 mln euros in a new solar power 2.5 MW plant power plant in South Korea.The investment is part of an agreement with South Korea's Daegu City, REC said.'South Korea has ambitious goals for solar power and an attractive subsidy regime for the PV industry, and offers a promising new market for our REC Solar division,' said Erik Thorsen, REC's president & CEO.The plant, once constructed, will produce approximately 3 mln kWh of clean energy per year.REC said its investment is being made through a combination of its 'solar' division and its 60 pct-owned subsidiary HanBit Solar Ltd (HanBit).The power plant will be installed on top a water treatment facility in Daegu City and will contain around 11,000 REC Solar modules, the firm said.REC said it expects the the project to qualify for 'clean development mechanism' credits, allowing for trading of CERs (Certified Emission Reductions) under the Kyoto Protocol.HanBit is expected to own the power plant for up to 15 years before it is then handed over to Daegu City.'We are currently exploring various ways of building robust and profitable market channels that can support our increasing downstream activities, and this project will be an important step in that direction,' Thorsen added.alastair.reed@thomson.comar/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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