it generates to the Korea Power Exchange. SP Energy receives the wholesale market rate for the electricity from Korea Electric Power Corp. as well as a per-kilowatt-hour subsidy payment from the Korea Energy Management Corp. The project was financed by a fund raised from institutional investors and managed by Good & Rich Asset Management. The City of Mungyeong also offered its support throughout all stages of project development.
"Korea is committed to becoming a world leader in solar-electric power generation," said Zachary Struyk, PowerLight’s general manager in Korea. "We are pleased to help the country achieve its goals with the development of utility-scale power plants that serve Korea’s power needs with reliable, clean and affordable solar energy."
PowerLight worked as a subcontractor to LG CNS Co., Ltd, by supplying solar technology and providing design and installation services. SunPower panels, using high efficiency solar cells, are mounted on the proprietary PowerTracker solar tracking system.
The Mungyeong SP Solar Mountain is the second major solar power plant designed and deployed by PowerLight in Korea in recent months. In November 2006, a one-megawatt project in Gwangju, Korea, was officially dedicated.