Recently, the Korea Energy Agency announced the results of the second PV tender planned for 2021. The tender allocated all 2.2GW of the planned allocation at an average price of KRW 143.12/kWh ($0.119/kWh), a 5% increase from the average price of the previous 2GW first PV tender held in May 2021. In this tender, 500kW-3MW photovoltaic projects accounted for 39%, about 860MW; projects above 3MW accounted for 32%, about 700MW; 100-500kW projects accounted for 18%, about 400MW; projects below 100kW accounted for 11% %, which is 245MW, and the winning bidder will enjoy a fixed rate for 20 years.

South Korea deployed 2.8GW of PV in the first three quarters of 2021, down 14% from 3.3GW in the same period in 2020, according to data released by the Korean Energy Agency. On the one hand, the local government has expanded the restrictions on project site selection, resulting in the extension of project licenses; on the other hand, due to the oversupply of the market in the past three years, the market price of solar REC in South Korea has plummeted, falling by more than 50% in 2018 and 2019, making it dependent on subsidies The development of the Korean photovoltaic market is limited, and many small photovoltaic companies are facing bankruptcy. As of the end of September 2021, South Korea's cumulative photovoltaic installed capacity reached about 18.4GW