LS Electric Partners with Global Energy Company EDPR for Renewable Energy Business Collaboration

Kim Jong-woo, President and COO (Chief Operating Officer) of LS Electric Global·SE (Smart Energy) CIC (Company-In-Company) (right in the photo), and Damian Rodriguez, Vice President of Global Business Development at EDPR, are posing for a commemorative photo after signing an agreement on the 1st. (Photo by LS Electric)

[Asia Economy Reporter Jeong Hyunjin] LS Electric announced on the 1st that it is promoting entry into the global renewable energy market together with EDPR (EDP Renewables), a global company ranked 4th in the world in the renewable energy sector.

On the same day, LS Electric signed a business cooperation memorandum of understanding (MOU) with EDPR at the LS Yongsan Tower in Seoul for the development, construction, operation, and solution supply of renewable energy projects.

Founded in 2007, EDPR is the world's 4th largest renewable energy company with an installed capacity of 12.2GW across 16 countries including Europe, North America, and Latin America. The EDP Group operates 270 wind power sites and 15 solar power sites worldwide, with sales reaching 2.3 trillion KRW as of last year.

According to the agreement, the two companies will seek renewable energy business opportunities such as wind power, solar power, and fuel cells across all global regions, including domestic markets and key locations of the EDP Group. In particular, they plan to establish a comprehensive cooperative relationship covering all areas related to renewable energy project development to jointly respond to carbon neutrality, ESG (Environmental, Social, and Governance) management, and renewable energy business.

LS Electric explained that this business cooperation is expected to not only strengthen its competitiveness in the domestic renewable energy sector but also serve as an opportunity to expand its market share globally.

Kim Jong-woo, President of LS Electric, said, "ESG management, carbon neutrality, and the expansion of renewable energy supply for these goals are already an irreversible global challenge," adding, "The agreement with the global company EDPR will be a great opportunity to showcase our technology and business experience not only domestically but worldwide."

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