Iberdrola is ramping up its renewables pipeline in the Asia Pacific through signing a cooperation agreement with GS Energy to develop projects in South Korea and other markets.
The agreement entails creating a platform to speed up the search for and development of renewable installations, including onshore and offshore wind and solar photovoltaic projects.
The memorandum of understanding was signed against the backdrop of the Spain-Korea Business Summit, attended by Xabier Viteri, director of renewables at Iberdrola, and the CEO of GS Energy, Huh Yongsoo.
The event was also attended by the South Korean Minister of Trade, Industry and Energy, Moon Sungwook and the Spanish Minister of Industry, Trade and Tourism, Reyes Maroto.
Viteri 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.”
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.”
In 2020, Iberdrola moved into the Japanese market when it purchased local developer Acacia Renewables, with a 3300MW offshore wind portfolio in the south of the country.
In Australia, Iberdrola has become one the country’s main developers of renewables, after purchasing Infigen Energy last year.
With this operation, the energy company now operates more than 800MW of solar, wind and battery storage capacity. It is currently building more than 450MW and has a portfolio of more than 1000MW in various stages of development.
GS Energy has 5800 MW of installed capacity in energy projects and operates 100MW in the renewables sector and has a 900MW portfolio.