KOICA to sell Argentina farm and lease Chile land for solar power

The Korea International Cooperation Agency (KOICA) has announced plans to divest or repurpose two state-owned farms in South America that have faced long-term mismanagement or underutilization.

In Argentina, the Llajta Mauca farm—an area roughly 72 times the size of Yeouido—will be sold to recoup national funds. Originally purchased in 1978 during the Park Chung-hee administration to support agricultural migration, the land was deemed unsuitable for development following four government surveys. Environmental regulations and the rejection of recent development plans have made further projects unfeasible. KOICA expects to conduct a public auction to maximize value, with the land's estimated value at approximately $10.44 million.

In Chile, the Teno farm will be transitioned from agricultural use to a long-term lease for solar power generation. Following concerns over low rental income from short-term contracts, an appraisal revealed that utilizing the site for solar energy could increase its asset value by up to 1,480 times compared to traditional agricultural leasing. KOICA plans to select operators through a competitive bidding process to ensure transparency.