GS Energy Establishes Solar and Wind Power Partnership with Spain's Largest Electric Utility Company

President Heo Yongsu Accompanies President on Spain Visit... Signs MOU with Spain's Iberdrola
Joint Development of Solar and Wind Power Renewable Energy Projects in Asia and Korea

[Asia Economy Reporter Hwang Yoon-joo] GS Energy is partnering with Iberdrola, the world's second-largest renewable energy company by capacity and Spain's largest power company, to make renewable energy a future growth engine amid the paradigm shift toward energy transition and carbon neutrality.

GS Energy announced that it signed a Memorandum of Understanding (MOU) with Spain's Iberdrola to jointly develop solar power and onshore/offshore wind power projects across Korea and Asia by establishing a joint venture company. The MOU was signed on the 16th at the Spanish Chamber of Commerce in Madrid, Spain.

The event was attended by Huh Yong-soo, President of GS Energy; Xavier Viteri, Head of Iberdrola's Renewable Energy Division; Moon Seung-wook, Minister of Trade, Industry and Energy of Korea; Reyes Maroto, Minister of Industry, Trade and Tourism of Spain; and other officials from both countries.

Huh Yong-soo, President of GS Energy, said, "Through this MOU, 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 synergies that will create a 'win-win' situation not only for both companies but also for Korea and Spain."

Iberdrola, headquartered in Spain, is the world's second-largest renewable energy company by capacity and Spain's largest power company. It currently operates 35GW of renewable energy and aims to operate 60GW by 2025.

GS Energy and the GS Group currently hold a total power generation capacity of 5.8GW, maintaining their status as the number one private power generation company in Korea. In particular, in response to ESG environmental changes, they are promoting various domestic and international renewable energy projects as a key future growth business. Based on currently operating projects with a capacity of 300MW including solar, wind, and fuel cells, they plan to develop an additional 900MW to grow to a total scale of 1.2GW.