GS Energy to Jointly Develop Renewable Energy Projects with Spain's Largest Power Company

[Asia Economy Reporter Lim Chun-han] GS Energy is establishing a joint venture with Iberdrola, the world's second-largest renewable energy company and Spain's largest power company, to undertake joint projects.

On the 16th, GS Energy announced that it signed a Memorandum of Understanding (MOU) with Iberdrola at the Spanish Chamber of Commerce in Madrid, Spain, regarding this collaboration.

The event was attended by GS Energy President Heo Yong-soo, who accompanied the President on the visit to Spain, Xavier Viteri, Head of Iberdrola's Renewable Energy Division, Moon Seung-wook, Minister of Trade, Industry and Energy, and Reyes Maroto, Minister of Industry, Trade and Tourism of Spain.

The two companies plan to jointly develop solar power and onshore/offshore wind power projects across Korea and Asia, positioning renewable energy as a future growth engine in line with the energy paradigm shift.

President Heo Yong-soo stated, "By combining Iberdrola's world-class renewable energy operation and EPC (Engineering, Procurement, and Construction) expertise with GS Energy's project development capabilities and understanding of the Korean and Asian markets, we expect a 'win-win' outcome for both companies and countries."

Iberdrola is the world's second-largest renewable energy company by capacity, currently operating 35GW of renewable energy. It aims to operate 60GW by 2025.

GS Group, including GS Energy, is the leading private power generation company in Korea with a total generation capacity of 5.8GW. It currently operates 300MW of renewable energy and plans to grow this to a total of 1.2GW in the future.