EDPR Sunseap has signed a memorandum of understanding (MoU) with state utility Korea East-West Power to jointly develop renewable projects in South Korea and across the Asia Pacific (APAC) region.
The strategic collaboration will further accelerate the Portuguese utility’s APAC goal of installing more than 2GW of renewable capacity by 2025 across the region, up from its current 700MW of installed and under construction solar capacity.
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Moreover, EDPR Sunseap will bring to the partnership its experience and presence in Asia where it has been involved in several floating solar farms on sea water and cross-border projects, according to Pedro Vasconcelos, executive chairman at EDPR Sunseap.
With this MoU in South Korea, EDPR continues its expansion in the APAC region, after unveiling an investment of US$7.4 billion by 2030 and its acquisition of Singaporean developer Sunseap earlier this year.
Singapore-headquartered EDPR Sunseap is currently present in nine markets and has a pipeline of more than 6GW of renewable projects.
Recently, South Korea adjusted its renewables target favouring nuclear power but with a target of 30% of renewables in the energy mix by 2030. The country aims for 34GW of installed solar capacity by the end of the decade, according to research firm Wood Mackenzie.