Global energy and electricity provider Iberdrola announced today an agreement with GS Energy, a global energy company, to cooperate on the development of renewable energy in South Korea and other Asia regions.
Iberdrola has committed to play a leading role in the fight against climate change. The new agreement comes as Iberdrola has recently embarked on a major investment initiative aiming to significantly grow its renewable energy base. In November, the company launched a €75 billion investment plan for the 2020-2025 period, including investments over the next five years in renewable energy, with the company anticipating nearly doubling its renewables capacity by 2025.
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.”
Under the terms of the new agreement the companies will create a platform to speed up the search for and development of renewable installations, including onshore and offshore wind and photovoltaic projects.
South Korea, one of the top ten carbon emitters in the world, is likely to become one of the hottest markets for renewable energy investment over the next few years. In October, South Korean President Moon Jae-in announced that the country would aim to achieve carbon neutrality by 2050. Moon’s pledge included trillions of won to be invested in transforming the country’s coal-reliant energy infrastructure to a renewable energy base. Earlier this year, the country announced plans to invest over $43 billion to construct the world’s largest offshore wind farm, an 8.2-gigawatt project.
GS Energy CEO, Huh Yongsoo, added:
“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.”
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