Yeosu’s BK Energy-Spain EDPR investment of 110 billion won... Investment declaration ceremony for President Moon

Representative energy companies from Korea and Spain establish joint venture

Yeosu’s BK Energy and Spain's EDPR signed an investment agreement with President Moon for 'Goheung Omahaedori Solar Power 200MW'

With President Moon Jae-in's state visit to Spain, Spanish renewable energy companies decided to invest a total of $200 million (about KRW 220 billion) in Korea. Representative energy companies from Korea and Spain will establish a joint venture in the renewable energy field and begin joint business.

The Ministry of Trade, Industry and Energy announced on the 16th that President Moon's state visit to Spain led to such achievements in the field of renewable energy.

According to the Ministry of Trade, Industry and Energy, Ocean Winds, a Spanish renewable energy company planning to build a fixed offshore wind power complex (1.2GW) in Incheon, has decided to invest $100 million in the initial stage. OceanWinds is a joint venture between EDPR (Spain) and Engie (France), a global renewable company specializing in offshore wind projects, and is also participating in the creation of a floating offshore wind farm (1.2GW) in Ulsan.

In addition, EDPR decided to invest $100 million to build a solar power plant (200MW) in Goheung, Jeollanam-do and submitted an investment report to KOTRA.

President Moon Jae-in and EDPR also signed an investment agreement for the Goheung Omahaedori 200MW solar power project conducted by Yeosu-based BK Energy and EDPR.

BK Energy is a conglomerate with assets worth KRW 60 trillion that operates 13GW of new and renewable energy. EDPR signed an exclusive contract with BK Energy, headquartered in Yeosu, for solar energy business in Korea and decided to develop and expand the business. EDPR operates 12.2GW of solar and wind power generation in 14 countries, including Europe and North America.

Minister of Trade, Industry and Energy Moon Seung-wook, who attended the investment declaration ceremony held at EDPR headquarters in Spain on the 15th (local time), said, "I hope that this investment cooperation will contribute to revitalizing our local economy and utilization of domestic equipment and further promote renewable energy investment between the two countries."

In line with the energy paradigm shift, the two companies plan to use renewable energy as a future growth engine and jointly develop solar power and onshore and offshore wind power generation projects in Korea and the global market. To this end, they decided to establish a joint venture within the next six months.

At the MOU signing ceremony, the Minister of Commerce, Industry and Energy said, "We hope to strengthen technological cooperation with Spain, a leading country in renewable energy, to create practical results and to connect with businesses between companies from both countries."

Spain ranks 5th in the world in wind power and 6th in solar power in terms of installed capacity, and the proportion of new and renewable energy generation is also high at 37.5%. In addition, Minister Moon also attended the 'Green and Digital Business Forum' attended by the leaders of the two countries and major businessmen, and discussed ways to cooperate in the eco-friendly and digital fields between the two countries.

Meanwhile, BK Energy has decided to participate in the floating solar power project in 15 countries around the world where Spain's EDPR is conducting a new and renewable energy business, and is focusing on developing technology, strengthening global competitiveness, and pioneering the global market with the aim of listing on the NASDAQ in the United States within three years.

Source: Honam Times (http://www.honamtimes.com) Reporter Jeong Jin-young 2021.06.30. 10:56