EDPR, LS Electric to jointly develop renewables in S Korea

Renewable energy producer EDP Renovaveis SA (ELI:EDPR) and South Korean smart energy company LS Electric Co Ltd (KRX:010120) plan to jointly promote new renewable energy projects in South Korea and overseas.

The two parties have entered into a memorandum of understanding (MoU) that marks the start of discussions in relation to the development of renewable energy projects in South Korea, and their cooperation for the provision of products and solutions in domestic and international projects, the announcement says.

No further details about the joint strategy were disclosed.

Prior to this new commitment, EDPR announced a USD-100-million (EUR 88.4m) non-binding investment agreement towards the South Korean renewable market with Ocean Winds (OW), its 50/50 joint venture (JV) with Engie SA (EPA:ENGI). EDPR alone will build a 200-MW solar project in South Jeolla province.

(USD 1.0 = EUR 0.884)

Choose your newsletter by Renewables Now. Join for free!