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New PV power plant for solar industry scheduled for South Korea

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REC has entered into an agreement to build and own a 2.5 MW solar power plant in South Korea.
REC has entered into an agreement to build and own a 2.5 MW solar power plant in South Korea. REC has entered into the agreement with Daegu City in South Korea. the plant is expected to produce some 3 million kWh of clean energy per year. "South Korea has ambitious goals for solar power and an attractive subsidy regime for the PV industry, and offers a promising new market for our REC Solar division", says Erik Thorsen, President & CEO. The power plant will be installed on top a water treatment facility in Daegu City and will contain around 11,000 REC Solar modules. Total investments will amount to slightly more than EUR 10 million. HanBit will enter into the necessary contracts for design and construction of the plant over the coming months. It is assumed that the project will qualify for CDM credits (Clean Development Mechanism), allowing for trading of CERs (Certified Emission Reductions) under the Kyoto Protocol. HanBit expects to own the power plant for up to 15 years before it is handed over to Daegu City. "We are currently exploring various ways of building robust and profitable market channels that can support our increasing downstream activities, and this project will be an important step in that direction. It will also allow us to integrate the entire value chain from polysilicon production all the way to electricity generation", says Erik Thorsen, President & CEO. "The support from Daegu City has been crucial in enabling this project. We are very pleased with the project development, and look forward to a continued mutually beneficial relationship", says John Andersen Jr., Executive Vice President Solar.
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