Masdar, the Abu Dhabi Future Energy Company, has signed a memorandum of understanding (MOU) with the Korea Energy Agency (KEA) for renewable energy collaboration and investment between South Korea and the UAE.
Masdar and KEA aim to establish a 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, among others.
“Masdar is proud to collaborate with industry leaders and like-minded companies that share the same values and goals as Masdar. 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,” said Mohamed Jameel Al Ramahi, Masdar’s chief executive.
Both parties may also expand the scope of the collaboration in the future to cover energy auditing, smart grids and other related areas.
The signing of the agreement follows the Korea-UAE bilateral Economic Cooperation Council meeting in March, where Masdar and KEA initiated the development of the partnership.