South Korea renewable energy
South Korea, the world's second-largest buyer of liquefied-natural-gas after Japan and fifth leading oil importer, plans to increase investment in renewable resources by 24% this year, to 1 trillion won (US$890 million) from 808.4 billion won last year, according to an e-mailed statement issued by the Ministry of Knowledge Economy (this past October, the South Korean government said it would inject some $35 billion into the public and private sectors by 2015 to boost renewables).
South Korea announced plans to build a 2.5-gigawatt (GW) offshore wind farm near on its southwestern coast.
The US$8.2 billion, 500 turbine project will be funded in part by the South Korean government, who will provide US$26 million, but will mostly be financed by private investors.
The South Korean government has announced it will invest US$35.4 billion in the development of renewable energy resources by 2015.
Reports out of South Korea suggest the country is set to make a significant announcement regarding an experimental offshore wind project in the Yellow Sea.
