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South Korea looks to turbocharge renewable power

State utilities will nearly triple solar, wind capacity

SEOUL -- Six South Korean state-backed utilities plan to spend 45 trillion won ($39.9 billion) by 2035 to dramatically expand the role of renewable power sources and help meet the government's energy goals.

The power producers intend to add 33 gigawatts of capacity using such sources as solar and wind by that year, according to investment plans compiled by Park Jeung, a ruling party lawmaker on the National Assembly's trade, industry and energy committee. This amount is nearly twice the country's current renewable energy capacity. One of the six companies, Korea South-East Power -- part of the Korea Electric Power Corp. group -- plans to add 5.7 gigawatts at a cost of around 6.9 trillion won.

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