Iberdola Expands Foot Prints to South Korea
Iberdrola has ramped up its strategy to move into the renewables industry in the Asian Pacific region by signing a Memorandum of Understanding with energy company GS Energy to cooperate on projects in South Korea and other Asian regions. The agreement was signed against the backdrop of the Spain-Korea Business Summit. The alliance between the companies will enhance the capacity of two global leaders to seek out and develop more renewables projects, including onshore and offshore wind farms and photovoltaic plants.
The alliance strengthens Iberdrola's expansion strategy in the Asian Pacific, its leadership in the sector and its pledge to establish itself as the world's biggest renewables company.
The company is already operating in Japan and Australia. In 2020, Iberdrola moved into the Japanese market when it purchased local developer Acacia Renewables, with a 3,300 MW offshore wind portfolio in the south of the country. Acacia Renewables is currently developing two offshore wind plants with a joint capacity of 1,200 MW, both of which will be operational by 2028. It has another four projects in the pipeline which will add a further 2,100 MW. These six projects will be developed by Iberdrola in collaboration with Macquarie's Green Investment Group. Its influence in the area was recently strengthened by a further agreement with Japanese company Cosmo Eco Power (the renewables affiliate of Cosmo Energy Holdings) to develop an offshore wind project with 600 MW. In Australia, Iberdrola has become one the country's main developers of renewables, after purchasing Infigen Energy last year. With this operation, the energy company now operates more than 800 MW of solar, wind and battery storage capacity. It is currently building more than 450 MW and has a portfolio of more than 1,000 MW in various stages of development.
In the meantime, GS Energy has 5,800 MW of installed capacity in energy projects. It operates 100 MW in the renewables sector and has a 900 MW portfolio.