GS Energy Partners with World's 2nd Largest Renewable Energy Company for Joint Asia Project

Minister Moon Seung-wook of the Ministry of Trade, Industry and Energy (from the left in the photo), Huh Yong-soo, President of GS Energy, Xavier Viteri, Head of the Renewable Energy Division at Iberdrola, and Reyes Maroto, Minister of Industry, Trade and Tourism of Spain, signed an agreement on joint business development on the 16th (local time). Photo by GS Energy

[Asia Economy Reporter Choi Dae-yeol] GS Energy signed a memorandum of understanding (MOU) on the 16th (local time) to establish a joint venture with Spanish power company Iberdrola to jointly develop solar and onshore/offshore wind power projects across Asia, including South Korea.

The company is the largest power company locally and the world's second-largest renewable energy company by capacity. It currently operates 35GW of renewable energy and plans to operate 60GW by 2025. GS Energy explained that it signed the MOU to make renewable energy a future growth engine amid the paradigm shift of energy transition and carbon neutrality. The GS Group, including GS Energy, has a power generation capacity of 5.8GW, with solar, wind, and fuel cells at around 300MW.

Huh Yong-soo, CEO of GS Energy, said, "If Iberdrola's world-class renewable energy operation and EPC (engineering, procurement, and construction) expertise combine with GS Energy's project development capabilities and understanding of the Korean and Asian markets, we can expect a win-win synergy not only for both companies but also for both Korea and Spain."