Shinhyup Central Association is stepping up to provide financial support for the establishment of 'Sunshine Income Villages,' where local residents can produce renewable energy and share the profits.
On October 13, Shinhyup announced that it has signed a 'Renewable Energy Financial Support Project Interest Subsidy Implementation Agreement' with the Korea Energy Agency and other organizations. The signing ceremony, held on October 12, included representatives from Shinhyup, the Korea Energy Agency, and the National Agricultural Cooperative Federation, among others.
The agreement aims to reduce the initial investment burden for community-led solar power projects and to expand the adoption of renewable energy. It focuses on ensuring the stable operation and self-sufficiency of Sunshine Income Villages, where local residents share the profits from energy production.
Under the agreement, Shinhyup will provide loans covering up to 85% of the facility costs necessary for the construction of solar power facilities to Sunshine Income Villages recommended by the Korea Energy Agency. The loan interest rate will be variable, based on the rates published by the Bank of Korea's Economic Statistics System for non-bank financial institutions.
To alleviate the interest burden, the Korea Energy Agency will support interest subsidies. Local Shinhyup branches will be available for consultations and loan applications.
Go Young-cheol, president of Shinhyup Central Association, stated, "This agreement is significant as it expands financial support in the energy sector, one of the four leading models proposed in the government's comprehensive plan for the development of the social economy. We will support local residents in directly participating in renewable energy projects and sharing the benefits together."
* This article has been translated by AI.
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