Seobu Power - K-Water Join Hands for Overseas Hydropower Projects (Comprehensive)

Signing of Southeast Asia Joint Development MOU
Securing 8GW of Overseas Power Generation by 2030

Kim Byung-sook, President of Korea Western Power (seventh from the left), signing a Memorandum of Understanding (MOU) for cooperation on overseas hydroelectric power projects with Park Jae-hyun, President of Korea Water Resources Corporation (sixth from the left), at the headquarters of Korea Water Resources Corporation in Daejeon. (Photo by Korea Western Power)

[Asia Economy Reporter Moon Chaeseok] Korea Western Power is expanding its hydropower projects in Southeast Asia, including Nepal, Indonesia, and Malaysia, in collaboration with Korea Water Resources Corporation.

According to Western Power on the 13th, the two organizations signed a memorandum of understanding (MOU) on the 5th to jointly develop overseas hydropower projects.

The two institutions will cooperate on overseas hydropower project development through ▲ information exchange to expand overseas project development ▲ joint feasibility studies and cost sharing ▲ collaboration on project development and obtaining permits.

Western Power has been actively promoting overseas projects by establishing a master plan and aiming to secure 8GW of overseas power generation capacity by 2030.

Following this MOU, they plan to expand projects centered on Southeast Asian regions such as Nepal, Indonesia, and Malaysia, in addition to the existing Laos hydropower project.

Additionally, they will jointly discover overseas Clean Development Mechanism (CDM) projects with Korea Water Resources Corporation. Through CDM projects, they aim to reduce greenhouse gas emissions and secure carbon emission credits.

The Patrind Hydropower Project in Pakistan, promoted by Korea Water Resources Corporation, has been registered as a UN CDM project for carbon emission reduction. Subsequently, it secured 270,000 tons of carbon emission credits annually after review by the Ministry of Environment in July. These carbon credits can now be traded domestically.

Kim Byung-sook, CEO of Western Power, stated, "By collaborating with Korea Water Resources Corporation, a specialized water management public enterprise, we will actively respond to government policies such as revitalizing domestic companies' overseas expansion and creating private sector jobs."

Park Jae-hyun, CEO of Korea Water Resources Corporation, said, "Through this agreement, we will do our best to prepare for the post-COVID-19 era by expanding overseas project development, revitalizing domestic companies' overseas expansion, and creating quality jobs."

This content was produced with the assistance of AI translation services.