The Diplomat
Iberdrola has given a boost to its commitment to renewables in Asia-Pacific with the signing of a memorandum of understanding (MoU) with Korean energy company GS Energy for the joint development of projects in South Korea and other Asian regions, the company announced.
The agreement was signed at the Spain-Korea Business Summit by Iberdrola’s Director of Renewables, Xabier Viteri, and the CEO of GS Energy, Huh Yongsoo, in the presence of South Korea’s Minister of Trade, Industry and Energy, Moon Sungwook, and the Minister of Industry, Trade and Tourism, Reyes Maroto.
Specifically, the alliance between the two companies will bring together the capabilities of two global leaders in the search for and promotion of renewable projects, both onshore and offshore wind farms and photovoltaic plants,
With this agreement, the group chaired by Ignacio Sánchez Galán accelerates its strategy in the Asia-Pacific region, where it already has a presence in Japan and Australia, where it entered in 2020 with the acquisition of Acacia Renewables, with an offshore wind portfolio of 3,300 megawatts (MW) in the south of Japan, and the purchase of the Australian company Infigen.
In addition, the energy company has recently strengthened its presence in the area with an additional agreement with the Japanese company Cosmo Eco Power (a renewables subsidiary of Cosmo Energy Holdings) for the development of a 600 MW offshore wind project.
GS Energy, for its part, has 5,800 MW installed in energy projects. In the renewables segment, it operates 100 MW and has a portfolio of 900 MW.
Viteri said the agreement is in line with Iberdrola’s strategy of “diversification” and its goal of “positioning itself in markets with high renewable growth potential”.
“The alliance will allow us to leverage the capabilities of two global leaders and reinforce our commitment to continue driving the energy transition, based on competitive and emission-free technologies,” he said.
For his part, GS Energy executive Huh Yongsoo said he was pleased to be able to “combine Iberdrola’s execution and operation capabilities with its development experience so that we all win, in Korea and Asia-Pacific”.
