Iberdrola targets Asian wind and solar projects

Iberdrola has signed a memorandum of understanding (MoU) with Korean energy firm GS Energy to develop renewables projects together.

They aim to accelerate the search for and development of onshore and offshore wind and solar PV projects in South Korea and other Asian markets.

The companies signed the pact at the South Korea-Spain business summit in Madrid.

Neither company has confirmed any capacity targets they hope to realise through the MoU.

GS Energy has 5.8GW of installed energy projects, including 100MW of renewables, as well as combined heat and power, oil and gas projects. 

The MoU is due to help Iberdrola ramp up its renewables business in the Asia Pacific region.

The Spanish energy giant has built up a Japanese offshore wind pipeline of nearly 4GW through a partnership with Cosmo Eco Power and Hitz and following an acquisition of Acacia Renewables.

It also operates more than 800MW of solar, wind and battery storage capacity in Australia and is developing a further 1.1GW, following its acquisition of Infigen Energy.