Korea to invest billions in renewable power sources

[jpak]

http://www.theage.com.au/news/business/korea-to-invest-billions-in-renewable-power-sources/2007/11/11/1194766506352.html

SOUTH Korea makes no secret that it has serious designs on the renewable energy industry.

Its latest "Invest Korea" promotional material invites foreign investment in many sectors, but not alternative energy. The Government is "not overly friendly" about attracting overseas companies to tap attractive feed-in electricity tariffs aimed at fostering long-term growth in the local renewable energy industry.

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At the end of 2005, renewable energy accounted for just 2.1 per cent of Korea's total supply, a figure the Government plans to raise to 5 per cent by 2011.

To that end, it will provide a total of $US9 billion in grants and loans, with the private sector expected to kick in a further $US10.3 billion, says Lee Seong-ho, head of the New and Renewable Energy Centre.

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