A 20MW photovoltaic solar power plant is being built by the Dongyang Engineering and Construction Company on the advice of UK’s Standard & Chartered Bank in Sinan county in the province of Jeollanam-do, South Korea.

The photovoltaic (PV) solar cells that will be used in the project are being suppling by Sun Technics Germany, a wholly owned subsidiary of Conergy AG. The project will sell the estimated annual 27,000 MWh of electricity pursuant to a fixed tariff arrangement with a Korea Government department for 15 years. The electricity produced will be enough to power more than 6,000 houses.

The proposed size of the photovoltaic field which will track the sun is around 600,000m2. There will be around 109,000 PV modules installed by Sun Technics.

Chul Bohm Kim, Head of Project Finance in Korea and Shane Bush, Global Head of Renewable Energy, were the project team leaders. Shane Bush said “as South Korea implements its strategy to increase renewable energy to 10% of supply by 2020, Standard Chartered is proud to be a leading contributor to the achievement of this goal.  The Bank is unique in that it has a dedicated renewable energy team which works with local professionals to offer tailor made solutions for clients.”

The project is due to be completed towards the end of 2008.