GS Energy inks MoU with Iberdrola to accelerate the clean energy transition
South Korea's major petrochemical and refining company GS Energy Corp. has announced that it has signed a memorandum of understanding with Iberdrola to set up a renewable joint venture.
This is the first time that GS Energy has joined hands with a global renewable energy company.
Under the partnership, the Korean company is anticipated to fast-track its shift into a clean energy company, while the Spanish company will be able to make inroads into Asia.
The JV will be devoted to solar power as well as onshore and offshore wind energy projects in Korea and other parts of Asia.
Iberdrola at present has 35 gigawatts (GW) of renewable energy production capacity. It aims to make inroads into the Asian market through a partnership with GS Energy as part of its plan to tremendously ramp up its renewable capacity to 60 GW by 2025.
"We need to learn from the global best to ensure a successful energy transition. We will integrate our global project development capabilities with Iberdrola's know-how on engineering, procurement, and construction (EPC) of large-scale renewable energy projects to create synergies for the two firms," said Huh Yong-soo, CEO, GS Energy