By Alexander Ahn

South Gyeongsang Province plans to launch a solar energy project to generate 165 megawatts of electricity in cooperation with four public corporations this year.

An official said Monday that the province has signed a memorandum of understanding (MOU) on the project with the Busan Port Authority (BPA), the Korea Rural Community Corporation (KRC), the Korea Expressway Corporation (KEC) and the Korea Water Resources Corporation (K-water).

The BPA will produce 49 megawatts, the KRC 4 megawatts, the KEC 10 megawatts and K-water 102 megawatts.

The official said the province will step up its efforts to forge more partnerships with enterprises, colleges, research centers and municipal authorities in order to generate 200 megawatts of electricity by harnessing solar power in 2016. The province has been regarded as the optimal choice for solar energy utilization as it boasts the largest amount of sunshine in the country.

The global market for solar power and other renewable energy sources has been in the doldrums in the wake of the eurozone financial and economic crisis. Some leading European companies went bankrupt due to the flood of cheap Chinese solar panels and other related products onto the world market.

On the other hand, there is a surge of interest in renewable energy, particularly solar power, following the reactor meltdowns at Japan’s Fukushima Daiichi Nuclear Power Plant hit by a devastating earthquake and tsunami in March last year.