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Sunday, July 06, 2008

LG finished building the largest solar power plant in South Korea

Famous South Korean multinational company, LG, finished building the largest solar panel of the country to produce electricity.LG Solar Energy, a subsidiary of LG Group, in collaboration with the local government, built the energy plant in the western coastal region and the facility has already started to produce electricity. The project cost LG 110 billion won. It will produce 14-megawatt electricity that will meet the power needs of 8000 households around the country. The facility has been built on about 300,000 square meters of land. This will make LG the first South Korean company to launch full scale solar power operations. The Korea Times reports:

The first plant was built on 193,821 square meters of land with a nine-megawatt production size, while the second plant was constructed on a 108,154 square meter lot with five-megawatt capability.

The project will make LG the first South Korean firm to launch full-scale solar power operations.

In an effort to cut carbon dioxide emissions, the government is offering incentives to promote solar power generation. Thanks to this initiative, annual sales from the Taean solar facility will reach at least 13 billion won by selling the electricity to KEPCO for 677 won per kilowatt.

In a press briefing, Dennis Ahn, CEO, LG Solar Energy, said that they had engaged in talks with some foreign companies to construct a solar cell plant on a turnkey basis. He said that they are expecting to make $285000 in 2008 and consume 12000 tons less of carbohydrates on a yearly basis.

Related article:
The Korea Times

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