Home News Corporate moves

EDPR Sunseap signs MoU with Korea East-West Power to 'accelerate' energy transition

Bryan Wu
Bryan Wu9/28/2022 04:19 PM GMT+08  • 2 min read
EDPR Sunseap signs MoU with Korea East-West Power to 'accelerate' energy transition
Pedro Vasconcelos, EDPR Sunseap executive chairman and Kim Young-moon, president and CEO of Korea East-West Power at the signing. Photo: EDPR Sunseap
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

EDPR Sunseap, the Asia-Pacific (APAC) hub of Energias de Portugal (EDP) Renewables, has signed a memorandum of understanding (MoU) with Korea East-West Power (EWP) to jointly develop and provide technical support for clean energy projects in South Korea as well as in the rest of APAC.

The MoU promotes cooperation to accelerate energy transition in priority markets and 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 0.7GW.

EDPR Sunseap is headquartered in Singapore and present across nine markets, with 700 megawatts (MW) of solar capacity installed and under construction and a pipeline of more than 6GW, while Korea EWP is a state-owned generation company in the Republic of Korea, which was spun off from Korea Electric Power Corporation (KEPCO) in 2001. As of June 30, Korea EWP’s 9.5GW installed generating capacity included 156MW of renewable energy capacity.

EDPR Sunseap is part of EDP Renewables, the world’s fourth largest wind producer worldwide with 13.8GW installed and present in 28 markets. Its parent company EDP, holds a 75% stake in EDPR Sunseap, and is committed to lead the energy transition by becoming coal free by 2025 and carbon neutral by 2030.

EDPR Sunseap executive chairman Pedro Vasconcelos, who is also EDPR’s APAC COO, says: “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.

Meanwhile, Korea EWP 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.

See also: Singtel renews interest with higher dividends; StarHub's transformation weighs on earnings

Korea EWP president Kim Young-moon says: "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."

“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,” adds Vasconcelos.

Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.