In its mission to expand operations in the Asia-Pacific region, Iberdrola has signed a Memorandum of Understanding with GS Energy, a South Korean energy company to collaborate on projects in South Korea and other Asian regions
In its mission to expand operations in the Asia-Pacific region, Iberdrola has signed a Memorandum of Understanding with GS Energy, a South Korean energy company to collaborate on projects in South Korea and other Asian regions. The MoU was a key part of the Spain-Korea Business Summit organised this week. Offshore, onshore wind and photovoltaic plants will form a large share of renewable projects sought by both companies.
The MoU was signed by the heads of Iberdrola and GS Energy, Xabier Viteri and Huh Yongsoo and the Ministers for Industry, Energy and Trade of both countries, Reyes Maroto and Moon Sungwook.
Xabier Viteri, Iberdrola’s Director of Renewables, said: “The agreement is aligned with our diversification strategy and our objective to position ourselves in markets with high potential for growth in renewables. The alliance will enable us to harness the capacities of two global leaders and strengthen our determination to keep driving the energy transition based on competitive, zero-emissions technologies.”
GS Energy CEO, Huh Yongsoo, said “To make the energy transition toward renewable energy, it is inevitable we will adopt the best global practices. This agreement will allow us to combine Iberdrola’s execution and operating capacity with our development experience in Korea and the Asian Pacific so that everyone is a winner.”
This is not Iberdrola’s first foray into the Asia-Pacific region. Last year, Iberdrola purchased an array of offshore wind projects totalling a capacity of 3,300MW from local Japanese offshore wind developer, Acacia Renewables. In collaboration with Macquarie’s Green Investment Group, Acacia Renewables has six offshore wind projects planned for Iberdrola, two of which (1200MW) are expected to be operational by 2028. GS Energy also has a wide array of renewable projects under its operation. In South Korea, it has approximately 5800MW of installed capacity from renewable projects which include both onshore and offshore wind farms.