Seoul to launch 330-bln-won fund for renewable energy

 

SEOUL, May 20, 2007 -- Asia Pulse Data Source

 

South Korea's Commerce and Energy Ministry said Sunday it will launch a 330-billion-won (US$357 million) fund this week that invests in renewable energy facilities.

Kookmin Bank, the country's top lender, and other institutional investors will participate in the fund that will be established on Monday, according to the ministry.

The fund with a 15-year maturity will be used mostly to build solar power plant facilities, it said.

South Korea, the world's fourth-largest oil importer, is seeking to raise its renewable energy usage to 5 percent by 2011 from the current 2.3 percent.

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