Seven public institutions and businesses in Korea have pledged to participate in the renewable energy development project.
They include the Gyeonggi Provincial Government, Korea Rural Community Corporation and Korea Midland Power Corporation.
These institutions and companies will invest 536.4 million US dollars over the next three years to build a 200 megawatt wind power plant and a 20 megawatt solar power plant at a location along the west coast of the province.
Once operational, the plants are expected to have the capacity to provide enough electricity for 300 to 400-thousand people.
[Interview : Nam In-suk, President & CEO
Korea Midland Power Co.] "When the project is completed, it will have an effect that can substitute forests 50 times larger than Yeoui Island in Seoul, and it will be able to provide electricity to 100-thousand households."
The renewable energy production complex will be the biggest of its type in the country.
It will not only produce a huge amount of electricity, but will also reduce carbon dioxide emissions by 167-thousand tons annually and create at least 5-thousand jobs.
And Korea Rural Community Corporation, which owns the site, will earn money by leasing the location making it a win-win situation for everyone taking part.
[Interview : Han Jung-kil, Director
Gyeonggi Province] "Gyeonggi Province will support the project by getting permission from local governments while Korea Rural Community Corporation will provide its idle land. Other companies will make financial investments."
Gyeonggi Province officials say they will do their best to fully support the project in order to reach their goal of producing 12 percent of Korea's total renewable energy output by 2030.
Eoh Jin-joo, Arirang News.