Korean Solar Power and Financial Industries Eye the US Solar Power Market
Along with the Japanese solar power market, the US photovoltaic market has emerged as one of the most promising markets. With financing growing in importance following the revitalization of large-scale projects, the opportunity presents itself to Korean financial institutions, as well as to Korean solar power companies.
The US solar power market is now viewed as a promising market that the Korean solar power and financial industries can jointly venture into. According to the Export-Import Bank of Korea (Korea Eximbank), the US solar power market soared a whopping 73% year-on-year in 2012.
The value of US solar power projects, financed by financial institutions held at USD 21.1 billion in 2011, up 58% from 2004 on an average annual basis. Such an upsurge in financing by financial circles stemmed from the 2011 expiration of the US government’s cash support system and loan guarantee project and the growing role of the Asian financial industry, which took up the slack created by Europeans banks in the aftermath of the EU sovereign debt crisis.