Shinan-gun's Renewable Energy Development Profit Sharing System Draws Global Attention

First Payment to 3,230 Residents of Jarado and Anjwado Starting April

Additional Annual Income of Up to 6 Million KRW per Resident by 2030

Aerial view of the solar power plant in Jarado, Anjwa-myeon, Sinan-gun (Photo by Sinan-gun)

[Asia Economy Honam Reporting Headquarters, Reporter Seo Young-seo] Since August 2018, Park Woo-ryang, the governor of Sinan-gun, implemented the renewable energy development profit-sharing system as the first policy of the 7th local government, gaining attention not only domestically but also globally.

According to Sinan-gun on the 26th, in October 2018, the 'Ordinance on Sharing Profits from Renewable Energy Development,' which allows local residents and Sinan-gun to participate in 30% of renewable energy development projects and share profits with developers, was enacted for the first time nationwide.

According to the ordinance, members who join are expected to receive dividends ranging from a minimum of 140,000 KRW to a maximum of 420,000 KRW depending on the distance from the power plant.

Starting this April, 3,230 residents of Jarado and Anjwado will receive annual profits ranging from 560,000 KRW to 1,600,000 KRW. In July, commercial operations will begin at two locations in Jido-eup, where about 3,700 residents will receive between 200,000 KRW and 600,000 KRW. In October, 502 residents of Saokdo will receive profits ranging from 800,000 KRW to 2,400,000 KRW from the operation of solar power plants.

The total solar power profit-sharing payments to residents of these four islands this year will reach 5.09 billion KRW.

Next year, solar power plants with capacities of 200 MW in Anjwa-myeon and 100 MW each in Imja-myeon and Jeungdo-myeon will be constructed, and in 2023, an additional 300 MW will be established in Bigeum-myeon.

In particular, by 2030, an 8.2 GW offshore wind power complex will be developed, generating an annual income of 300 billion KRW, which is expected to provide additional income of up to 6 million KRW per resident per year, drawing attention once again.

To participate in the renewable energy development profit-sharing, residents must have an address in Sinan-gun. Residents who moved in after the ordinance was enacted on October 5, 2018, can receive 50% of the benefits after three years and 100% after five years.

Governor Park Woo-ryang stated, "Sinan offshore wind power is a core project for the growth of the southwestern regional economy, creating about 120,000 new jobs as part of the Green New Deal policy. We will steadily promote the world's largest offshore wind and solar power development projects to ensure that residents receive tangible income."

Meanwhile, Bonghwa-gun in Gyeongbuk, Gunsan-si and Gimje-si in Jeonbuk, and Yeonggwang-gun and Wando-gun in Jeonnam are benchmarking Sinan-gun's renewable energy development profit-sharing system to introduce it in their regions.