San Francisco, CA [RenewableEnergyAccess.com] Suntech Power Holdings Co., Ltd., has announced the completion of the first stage of a 3 megawatt (MW) solar energy system for WEPCO (Korea Western Power Co., Ltd.). Power and Industrial Systems Performance Group of Hyosung Corporation, designed, managed and installed the solar energy system and Suntech will deliver a further 1 MW of PV modules to be installed in the second phase of the project in early 2008.
The companies believe that South Korea has one of the strongest solar incentive programs worldwide with a feed-in-tariff of more than US$0.70/kWh over a 15-year period for installations above 30 kW.
South Korea has set targets for PV installations with a goal of 1.3 gigawatts of installed capacity by 2011. This growth plan will rank South Korea among the world’s leading countries for PV installations.
“South Korea’s progressive solar incentives set a very positive example for nations both in Asia and worldwide. We believe that these solar incentives set a strong foundation for enormous growth in Suntech’s sales within South Korea,” Suntech’s Chairman and CEO Dr. Zhengrong Shi said.