Partnership agreement aims to encourage renewable energy investment in Korea and to develop projects
Abu Dhabi Future Energy Company, better known as Masdar, has announced an agreement with the Korea Energy Agency (KEA) for renewable energy collaboration and investment between the Republic of Korea and the UAE.
Mohamed Jameel Al Ramahi, Masdar’s CEO, and Dr Nam Hoon Kang, president and CEO of KEA, signed the memorandum of understanding, which coincided with the President of the Republic of Korea Moon Jae-in’s four-day visit to the UAE.
Under the terms of the agreement, Masdar and KEA aim to establish a potential strategic partnership to encourage renewable energy investment in Korea and to develop a number of renewable energy projects using solar, wind, energy storage, floating solar power and waste-to-energy technologies.
Al Ramahi said: “Our partnership with the Korea Energy Agency will allow us to strengthen our relationship with Korea and accelerate the deployment of renewable energy and new energy industry projects to improve energy security and spur innovation in smart urban development."
Both parties have also agreed to the possibility of expanding the scope of the collaboration in the future and will exchange expertise in the renewable energy and new energy industry fields covering energy auditing, smart grids, energy storage and other related areas, a statement said.
Kang added: “We are pleased to enter into this partnership with Masdar, which will lay the foundation for mutually beneficial cooperation. Utilising Masdar and KEA’s specialist knowledge and expertise will enable the Republic of Korea to advance its renewable energy goals.”
The MoU builds upon Masdar’s current ties with the Republic of Korea following the signing of a strategic agreement during Abu Dhabi Sustainability Week 2018 with global infrastructure and energy development company Daewoo Engineering and Construction Co to support the commercialisation of low-energy reverse osmosis seawater desalination plants in the Middle East, North Africa and Asia.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.