Iberdrola Entering South Korean Offshore Wind Market

Spanish renewable energy giant Iberdrola has signed a Memorandum of Understanding (MOU) with energy company GS Energy to cooperate on renewable energy projects in South Korea and other Asian regions.

According to Iberdrola, the alliance will enhance the capacity of the two companies to seek out and develop more renewables projects, including onshore and offshore wind farms and photovoltaic plants.

Iberdrola has already entered the offshore wind market in the Asia Pacific region last year, when the company signed an agreement to acquire 100 per cent of the Japanese offshore wind developer Acacia Renewables, which has two offshore wind farms under development with a combined capacity of up to 1.2 GW and another four projects in the pipeline which will add a further 2.1 GW.

Earlier this year, the company also signed an agreement with Japan’s Cosmo Eco Power and the engineering firm Hitz to jointly develop the 600 MW Seihoku-oki project in Aomori prefecture, in the northwest of Japan.

Commenting on the latest agreement with GS Energy in South Korea, Xabier Viteri, Iberdrola’s Director of Renewables, said it was in line with the company’s diversification strategy and its objective to position itself 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”, Xabier Viteri said.

With the energy transition underway, Iberdrola aims to position as one of the top global renewable energy companies and, to reach its objective, has launched an investment plan worth EUR 150 billion over the next decade to triple its renewable capacity and double its grid assets. By 2025, the company plans to invest EUR 75 billion in renewable energy.