"Moon's 'Green Diplomacy': Spanish Company Invests $200 Million in Korean Renewable Energy"

[Sejong=Asia Economy Reporter Kwon Haeyoung] Taking advantage of President Moon Jae-in's state visit to Spain, South Korea and Spain have agreed to strengthen cooperation in the field of renewable energy. Spanish energy companies have reported a total investment of $200 million in domestic solar and wind power projects.

According to the Ministry of Trade, Industry and Energy on the 16th, the "Korea-Spain Green and Digital Business Forum" was held at the Madrid Chamber of Commerce in Spain. The two countries' leaders, major companies, and Minister Moon participated to discuss ways to strengthen business cooperation in eco-friendly and digital sectors between the two countries.

At this event, President Moon Jae-in presented three cooperation directions to promote the green and digital transition, a common interest of both countries: ▲ low-carbon economy including mutual investment in renewable energy and expansion of green mobility cooperation ▲ digital innovation through activation of startup exchanges ▲ joint entry into third countries such as Latin America and AISA in the construction and infrastructure sectors. The attending businesspeople presented the status of ongoing projects in both countries as well as their technological capabilities and strengths in the green and digital sectors, and discussed ways to enhance business cooperation between the two countries.

Taking this visit as an opportunity, Spanish renewable energy companies reported a total investment of $200 million in domestic solar and wind power projects. Spanish renewable energy company Ocean Winds decided to invest $100 million to build a fixed offshore wind power complex (1.2GW) in Incheon, and EDRP decided to invest $100 million to construct a solar power plant (200MW) in Goheung, Jeonnam. GS Energy, a leading energy company in Korea, and Spain's Iberdrola signed a Memorandum of Understanding (MOU) for cooperation to jointly invest in renewable energy projects in Asia and the Pacific region, including Korea, taking advantage of the business forum. They also renewed the MOU between research institutes of both countries in the energy sector, including clean energy, securing a stable support base for joint research promotion.

Minister Moon said, "Technological innovation in the energy sector is essential to achieve carbon neutrality, and it is necessary to expand research and development (R&D) cooperation in fields such as solar power, wind power, hydrogen, and energy efficiency," adding, "I hope that strengthening technological cooperation with Spain, a leading country in renewable energy, will produce tangible results and be linked to business between companies of both countries."