Korea Rural Community Corp. (KRC) says it plans to increase floating solar capacity on agricultural reservoirs to 3 GW by 2030, from 105 MW currently in operation.
KRC, a state‑run land and water management agency in South Korea, has mapped more than two‑thirds of its agricultural reservoirs as viable sites for floating solar installations.
It said in an official statement this week that 2,333 of its 3,428 agricultural reservoirs are suitable for floating solar development as part of its planned expansion.
Revenue from the expansion will help address an annual shortfall of about KRW 200 billion ($135.2 million) in agricultural water supply and management costs, KRC said.
Under a profit‑sharing model introduced with the expansion plan, proceeds would be distributed equally among power generators, KRC, and local farming and fishing communities, replacing an earlier arrangement in which generators held a larger share.
KRC said it plans to complete tenders for private operators at Asan Lake and Ganwol Lake in the first half of 2026, with about 500 MW planned at each site.
Separately, K‑water and Korea Western Power said they have signed a shareholders’ agreement to co‑develop a second‑phase floating solar project at Hapcheon Dam in South Gyeongsang province.
Lotte Chemical, which will purchase electricity from the project under a power purchase agreement (PPA) signed in October 2024, described the plant as 20 MW, while Korea Western Power cited 21 MW. The project would expand a site that has hosted a 41.5 MW floating solar installation since 2021. Total investment is KRW 36.6 billion, according to Lotte Chemical.
Korea Western Power said the project, originally scheduled for completion in December 2025, is now targeted for completion by the end of this year.
K‑water said the arrangement is the first PPA tied to a floating solar project it has initiated. Korea Western Power separately described it as South Korea’s first public‑sector‑led Renewable Energy 100 (RE100) solar project. A portion of project revenues will be shared with a local village corporation.
South Korea’s Ministry of Climate, Energy and Environment presented its Energy Transition Plan to the State Council earlier this month, stating that it aims to comprehensively transform the nation’s energy system by reducing dependence on fossil fuels and advancing electrification centered on renewable energy, with 100 GW of renewable capacity targeted by 2030.
South Korea’s reservoir floating solar ambitions stretch back to 2021, when the Ministry of Environment identified Hapcheon Dam among five sites selected for early floating PV development. Recent projects include the 47.2 MW Imha Dam floating PV plant, which began operating in late 2025 as South Korea’s largest floating solar array alongside a multi‑purpose dam. The country installed 2.5 GW of new solar capacity in 2024, bringing cumulative PV capacity to more than 29.5 GW, according to the Korean Energy Agency.
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