South Korea’s 2.3 GW Solar Tender Attracts Average Bid At Rs 8.85/kWh

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The South Korean Energy Agency (KEA) has announced the results of its second major solar tender of 2.2 GW from 2021. With a target of over 30 GW of PV by 2030, South Korea is well on track to meet its targets, with total installed capacity of 15.6 GW by the end of 2020.

The agency has announced that it has received bids for the full capacity on offer and it has accordingly allocated the full 2,203 MW on offer. The final average price was KRW143.120 (Korean Won) per kWh ($0.119.6), which was higher by KRW7 compared to that of the previous tender of the same kind, in which 2,050 MW was allocated. The names of winners were not announced, considering the sheer number of projects.

The tender featured 5263 PV projects ranging in size from 100kW to 3 MW plus. While the largest share of close to 860 MW of projects were in the 500 kW to 3 MW range, installations with output between 100 and 500 kW, covered another 400 MW. 700 MW was allocated for PV systems with a capacity above 3 MW, and about 245 MW was allocated to projects with a capacity below 100 kW.  The projects come with a with a 20 year PPA structure in place.

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As expected, smaller projects attracted slightly higher bids with the final average price for projects below 100 kW at  KRW154.411. For projects between 100 and 500 kW, the average rate was KRW139.412, and 500 kW and 3 MW, KRW141.464. Projects over 3 MW could attract  prices no lower than KRW139.742 .

In 2020, the KEA had allocated 1.2 GW and 1.41 GW while in 2019. A record 4.1 GW of capacity was actually added in 2021.The target for 2022 is ‘moderate‘ 4 GW.

South Korea has followed more of the Japan model for its energy mix, counting more on nuclear power and Hydel to meet its low carbon energy requirements. Thermal is the category it needs to bring down, which is attempting through wind, PV and other options.

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