LS

■ Signs MOU with EDPR on developing, constructing, and operating renewable energy and supplying the solutions
■ The world's fourth largest renewable installation capacity ㆍㆍㆍ pursuing business jointly at the global level

LS ELECTRIC will collaborate with EDP Renewables (EDPR), the world’s no. 4 global company in the renewable energy sector, in entering the global renewable energy markets.
 
LS ELECTRIC signed on December 1 at the LS Yongsan Tower an MOU with EDPR on partnering to develop, construct, and operate renewable energy projects and supply the solutions. 

Established in 2007, EDPR is the world’s 4th largest renewable energy company with 12.2GW power generation capacity spread across 16 countries in Europe, North America, and Latin America. As an important subsidiary of the EDP Group, the company is focused on onshore wind power, offshore wind power, and solar power generation. The company currently operates 270 wind power plants and 15 solar power plants worldwide; last year, it posted revenues of 2.3 trillion won.

In accordance with the MOU, the two companies will seek to develop business opportunities in renewable energy sectors like wind power, solar power, and fuel cells. The businesses will target the whole world, and they could be based in South Korea or in regions that are the main bases of operation for the EDP Group.

By entering into a comprehensive collaboration relationship encompassing all areas related to the development of renewable energy projects, the two companies plan on pursuing businesses in carbon neutrality, ESG management, and renewable energy generation—areas that have recently emerged as global issues.

Through the partnership, LS ELECTRIC hopes to strengthen its business competitiveness in the domestic renewable energy industry as well as expand its market share in the global market.

In particular, the design and construction capabilities of LS ELECTRIC are considered to be at a global level already as demonstrated by the large-scale (94MW) ESS-linked solar power plant in Yeongam that was completed last year. Such technical capability and EDPR's business development experience are expected to become win-win assets for both companies.

 “ESG management, carbon neutrality, and the growing renewable energy industry to supply energy are already becoming global challenges that are irreversible. This MOU agreement with EDPR, which is a world-class global company, will be a great opportunity to apply our technology and business experience not only in South Korea but also around the world,” President Kim Jong-woo of LS ELECTRIC said.