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Iberdrola and GS Energy target renewables in APAC

4C Offshore | Tom Russell
By: Tom Russell 17/06/2021 Iberdrola

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

The agreement was signed this morning 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. The event was also attended by the South Korean Minister of Trade, Industry and Energy, Moon Sungwook and the Spanish Minister of Industry, Trade and Tourism, Reyes Maroto.

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

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's is already operating in Japan and Australia. In 2020, Iberdrola moved into the Japanese market when it purchased local developer Acacia Renewables, with a 3,300 MW offshore wind portfolio in the south of the country.

Acacia Renewables is currently developing two offshore wind plants with a joint capacity of 1,200 MW. It plans for both to be operational by 2028. It has another four projects in the pipeline, which will add a further 2,100 MW. These six projects will be developed by Iberdrola in collaboration with Macquarie's Green Investment Group (GIG).

Its activities in the area also include an agreement with Japanese company Cosmo Eco Power (the renewables affiliate of Cosmo Energy Holdings) to develop an offshore wind project with 600 MW.


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

Image: Moon Sungwook, ministro de Comercio, Industria y EnergĂ­a de Corea del Sur; Huh Yongsoo, CEO de GS Energy: Xabier Viteri, director de Renovables de Iberdrola y Reyes Maroto, la ministra de Industria, Comercio y Turismo


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