Ocean Winds, EDPR to Invest in Offshore Wind, Solar in S Korea
Ocean Winds (OW), the 50/50 joint venture (JV) formed by EDP Renovaveis SA (ELI:EDPR) and Engie SA (EPA:ENGI), will invest in the construction of a 1.2-GW offshore wind farm off Incheon, South Korea, while EDPR alone is set to put money in a 200-MW solar project in Goheung.
The news was announced by South Korean Trade, Industry and Energy Minister Moon Sung-wook who is attending a state visit to Spain alongside President Moon Jae-in.
According to a statement released by the Korean Ministry of Trade, Industry and Energy (MOTIE), both Ocean Winds and EDPR acting alone would invest USD 100 million (EUR 83.7m) in each of the projects.
While neither Engie nor EDPR are strictly Spanish companies, EDPR is based and operates out of Spain, while their offshore JV is headquartered in Madrid.
During the state visit, the government of Spain and South Korea signed a number of bilateral agreements, including renewing a memorandum of understanding to promote business competitiveness through research and development in the field of energy.
“We hope the investment will strengthen partnership in renewable energy business between the two countries,” trade minister Moon Sung-wook, at the time at a ceremony held in EDPR’s Spanish headquarters, was quoted as saying by Yonhap News Agency.
(USD 1.0 = 0.837)
Source: renewablesnow
