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South Korea creates renewable energy fund

SEOUL, Feb. 2 (UPI) -- The South Korean government announced it has plans to set up a $72.2 million renewable energy fund to increase renewable energy infrastructure.

According to the Ministry of Knowledge Economy, the money will be used to attract private sector investments in solar, wind and hydroelectric power projects, including developing technologies and plant construction.

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The government is planning 24 megawatts' worth of new wind projects, about eight small hydroelectric plants and a marine-based biofuel plant, Seoul-based Yonhap news agency reports.

Seoul is also planning to host a large international exhibition on clean energy.

The government's goal is to increase the country's energy export revenues from $1.2 billion in 2008 to $2.2 billion in 2009.

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