GANGWON-DO < invest Korea

According to Yonhap News,

(CHUNCHEON=Yonhap News) Chuncheon City in Gangwon province transforms into an energy innovation city.

Being selected as the winner of 'Promotion Project for Activation of Regional New Energy Industry in 2019' contest by Korea Energy Agency, the city will create an energy innovation city worth KRW 11 billion, the city announced on March 3.

KT plans to invest KRW 2.2 billion government fund, KRW 6 billion private investment, and KRW 2.8 billion city expenditure from January to December next year.

Major businesses include solar power generation facilities, electric power demand management, energy storage devices, and replacement of LED street lamps.

The goal is to save energy by producing various renewable energy and power management based on blockchain technology.

The private sector investment worth KRW 6 billion will be repaid within the contract period (five years) through the sales of electric power generated by the solar power generation facilities and the reduction of electricity bill.

"We've been selected as the contest winner and have gained the momentum needed to begin the transformation into an energy innovation city. We will provide various benefits to motivate use of renewable energy." said, an official from Chuncheon City.

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** This article was translated from Korean.

Source: Yonhap News (December 3, 2018)