Millenium Solar, an Israeli PVT (photovoltaic thermal) company is preparing to build a 20 megawatt power plant in South Korea. PVT technology basically just combines to two main applications of solar power (electricity generation, and water heating) to make them both more poweful. As silicon photovoltaics heat up under the sun, they dramatically lose eficiency. But if there's a built in hot water heating function, the hot water carries away the heat and cools the solar cell, making it more efficient.

PVT systems have been implemented in small scale projects...houses, hospitals, etc. But there has never been a full-scale power generation plant created using PVT. The increased efficiency means that PVT can sell it's electricity for as little as 10 cents a KWh and still make a profit. South Korea is, in fact, subsidizing the plant, and will be purchasing the power at 60 cents a KWh, which sounds, to me, a little bit like taking advantage of a solar-friendly government.

 

Via Red Herring