Iberdrola has signed a memorandum of understanding with energy company GS Energy to cooperate on projects in South Korea and other Asian regions, thus stepping up its strategy to get involved in APAC’s renewable energy future. .

The companies plan to cooperate on projects in South Korea and other Asian regions and use the alliance to strengthen their ability to research and develop more renewable energy projects, including onshore and offshore wind farms and photovoltaic power plants.

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The deal was signed in the context of the Spain-Korea business summit, which was attended by Xabier Viteri, director of renewable energies at Iberdrola, and CEO of GS Energy, Huh Yongsoo.

Xabier Viteri, Director of Renewable Energies at Iberdrola, said: “The agreement is aligned with our diversification strategy and our objective of positioning ourselves in markets with high growth potential in renewable energies. The alliance will allow us to exploit the capacities of two world leaders and to strengthen our determination to continue to lead the energy transition based on competitive and zero-emission technologies â€.

GS Energy CEO Huh Yongsoo said, “To make the energy transition to renewables, it is inevitable that we adopt global best practices. This agreement will allow us to combine Iberdrola’s execution and operational capacity with our development experience in Korea and Asia-Pacific so that everyone is a winner â€.

Iberdrola has been operating in Japan since 2020, when it bought local developer Acacia Renewables, with a 3,300 MW offshore wind portfolio in the south of the country. Its influence in the region was recently reinforced by a new agreement with the Japanese company Cosmo Eco Power (the renewable energy subsidiary of Cosmo Energy Holdings) to develop a 600 MW offshore wind project.

GS Energy has 5,800 MW of installed capacity in energy projects. It operates 100 MW in the renewable energy sector and has a portfolio of 900 MW.