New Projects, Renewables, Solar

South Korea and Ecuador to jointly develop PV project

Ecuador and South Korea have signed a solar photovoltaic (PV) project agreement worth $10m, reports El Comercio.
 
According to the newspaper, Gabriel Salazar, sub secretary of Renewable Energy, and Youn-Hwa Kang of the Korean International Cooperation Agency (KOICA), signed the cooperation agreement in which Korea made the commitment to invest the funds in a PV project.
 
The PV plant will have a capacity of 1.5 MW and be cited on the Galapagos Islands.
 
Korea has gradually become a key development partner for the energy sector in Ecuador, the report said.
 
Ecuador is under no obligation to pay back the investment, which will allow the project to be operational by 2013, it said.

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