EDPR Sunseap has signed a memorandum of understanding (MoU) with state utility Korea East-West Energy to collectively develop renewable tasks in South Korea and throughout the Asia Pacific (APAC) area.
The strategic collaboration will additional speed up the Portuguese utility’s APAC aim of putting in greater than 2GW of renewable capability by 2025 throughout the area, up from its present 700MW of put in and beneath development photo voltaic capability.
Furthermore, EDPR Sunseap will convey to the partnership its expertise and presence in Asia the place it has been concerned in a number of floating photo voltaic farms on sea water and cross-border tasks, in keeping with Pedro Vasconcelos, government chairman at EDPR Sunseap.
With this MoU in South Korea, EDPR continues its growth within the APAC area, after unveiling an funding of US$7.4 billion by 2030 and its acquisition of Singaporean developer Sunseap earlier this yr.
Singapore-headquartered EDPR Sunseap is at the moment current in 9 markets and has a pipeline of greater than 6GW of renewable tasks.
Just lately, South Korea adjusted its renewables goal favouring nuclear energy however with a goal of 30% of renewables within the power combine by 2030. The nation goals for 34GW of put in photo voltaic capability by the top of the last decade, in keeping with analysis agency Wooden Mackenzie.