EDPR Sunseap signs MoU with Korea East-West Power to jointly develop renewable energy projectsThe MoU promotes cooperation to accelerate energy transition in priority markets
A photo taken after the signing, featuring Pedro Vasconcelos, EDPR Sunseap Executive Chairman on the right and Kim Young Moon, President and CEO of Korea East-West Power on the left.
Singapore, September 28 2022
EDPR Sunseap, the Asia Pacific hub of EDP Renewables, the world’s fourth largest renewable energy company, signed a Memorandum of Understanding (MoU) with Korea East-West Power to jointly develop and provide technical support for clean energy projects in South Korea as well as in the rest of Asia Pacific.
The MoU was signed at the Four Seasons Hotel in Seoul yesterday. This strategic collaboration will further drive EDPR Sunseap’s goal to manage more than 2 gigawatts (GW) of installed capacity across the APAC region by 2025, up from its current base of 0.7 GW.
EDPR Sunseap Executive Chairman Mr. Pedro Vasconcelos, who is also EDPR’s APAC Chief Operating Officer, said: “The problems posed by global warming have become increasingly visible and the world needs to step up the pace of transition to clean energy sources. South Korea is an important market which EDPR Sunseap can add significant value in accelerating the energy transition together with East-West Power.
“EDPR Sunseap can bring to this partnership our experience and presence in Asia where we have been involved in many innovative projects, including one of the world’s largest near-shore floating solar farms on sea water and pipeline that will allow the cross-border delivery of solar energy.”
EDP Renewables is a 100% renewable producer. Its parent company, EDP, is committed to lead the energy transition by becoming coal free by 2025 and carbon neutral, utilising 100% renewable energy generation by 2030.
Korea East-West Power President Kim Young-moon said, "Through this agreement, the two companies have agreed to join forces to move the world toward carbon neutrality through a win-win cooperation for a sustainable future."
East-West Power plans to achieve carbon neutrality by reducing carbon emissions by 44.4% by 2030 and increasing the proportion of renewable energy generation to 71% by 2050 in line with government policy.
About EDPR Sunseap
EDPR Sunseap is headquartered in Singapore and present across 9 markets currently with 700 MW of installed and under construction solar capacity and a pipeline of more than 6 GW. EDPR Sunseap is part of EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and fourth largest wind producer worldwide with 13.8 GW installed and present in 28 markets.
Energias de Portugal (Euronext: EDP) is EDPR's main shareholder with 75% stake operating across energy generation, networks and supply, including a total installed capacity of 25 GW, networks of 376 thousand km and over 9 million clients.
About Korea East-West Power
Korea East-West Power (EWP) is a state-owned generation company in Republic of Korea, which was spun off from Korea Electric Power Corporation (KEPCO) in the year of 2001. As of June 30, 2022, EWP’s installed generating capacity totalled around 9,568 MW within Korea, including 156 MW of renewable energy capacity. The credit ratings of EWP are AA from S&P and Aa2 from Moody’s in 2022.
EWP currently owns, operates and constructs power plants globally with a total generation capacity of 1,264MW. It has extensive experience and considerable level of expertise in the power generation business and have been actively engaged in developing and operating power plants world-wide in more than eight countries including Indonesia, the United States, Jamaica, Australia, Chile, and so on.
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