South Korea invests $33 million in biomass power

In South Korea, the government plans to invest $33 million of its national carbon fund in a biomass power generation plant in central China. The investment will earn extra carbon credits for South Korea in the future.

According to the South Korean Ministry of Knowledge Economy, the fund has been offered to a consortium led by LG International Corporation, Hana Bank and the state-run Korea Trade Insurance Corporation (K-sure). LG will build a 60-megawatt biomass power plant that will use fallen branches from over 50 million apple trees as a feedstock. Hana Bank and K-sure will provide the necessary financing and insurance coverage. The plant should be operational in 2012.

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