This alliance highlights the aspiration of both companies to advance towards the energy transition.
EDP Renewables (Euronext: EDPR), the world’s fourth largest renewable energy producer, and LS ELECTRIC, a world recognized leader of smart energy, have reached an agreement to jointly promote renewable energy projects in South Korea and overseas.
The Memorandum of Understanding (MoU) signed by the companies marks the beginning of negotiations between the two parties to develop renewable energy projects in South Korea, as well as to cooperate in the provision of products and solutions in both domestic and international projects. It will also provide EDPR with support in engaging with local communities near the project sites.
This partnership highlights EDPR’s international aspiration and its commitment to continue to expand its presence and accelerate the execution of energy opportunities in Asia. In particular, South Korea has proven to be a key player in the energy transition, as its Government commits to achieve net-zero emissions by 2050.
LS ELECTRIC focuses its business on power and automation and leads the smart energy industry globally by promoting sustainable business, a major driver of future growth. It has three R&D centers in South Korea and one in China, four production plants in South Korea and two in China and one in Vietnam, and 20 corporations and branches around the world, including the United States, Japan and the Netherlands. The company plans to open a new branch office in Spain to provide energy storage services (ESS) to the solar power business.
As part of the commitment to South Korea, EDPR and Ocean Winds (OW) announced in June, during the “South Korea-Spain Digitalization and Sustainability Business Forum”, the signing of a non-binding investment agreement of 100 million dollars with which they will develop large-scale solar photovoltaic and offshore wind power plants. Specifically, EDPR will develop a 200MW photovoltaic complex in Goheung, South Jeolla province.