Iberdrola signing a MoU to broaden their reach in APAC
Moon Sungwook, Minister of Commerce, Industry and Energy of South Korea; Huh Yongsoo, CEO of GS Energy: Xabier Viteri, Director of Renewables at Iberdrola and Reyes Maroto, Minister of Industry, Commerce and Tourism. Image credit: Iberdrola

Iberdrola has signed an MoU with energy company GS Energy to cooperate on projects in South Korea and other Asian regions, thereby ramping up its strategy to become involved in APAC’s renewable energy future.

The companies plan to cooperate on projects in South Korea and other Asian regions and use the alliance to enhance their capacity to seek out and develop more renewables projects, including onshore and offshore wind farms and photovoltaic plants.

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The agreement 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.

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”.

GS Energy CEO, Huh 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”.

Iberdrola has been operating in Japan since 2020, when it purchased local developer Acacia Renewables, with a 3,300MW offshore wind portfolio in the south of the country. Its influence in the area was recently strengthened by a further agreement with Japanese company Cosmo Eco Power (the renewables affiliate of Cosmo Energy Holdings) to develop an offshore wind project with 600MW.

GS Energy has 5,800MW of installed capacity in energy projects. It operates 100MW in the renewables sector and has a 900MW portfolio.