Abu Dhabi Future Energy Company, also known as Masdar, has signed a Memorandum of understanding (MoU) with Korea Energy Agency (KEA) to stablish a strategic partnership between UAE and Korea and encourage renewable energy investments.
The MoU was signed by Mohamed Jameel Al Ramahi, CEO, Masdar, and Dr Nam Hoon Kang, president and CEO of KEA.
As per the agreement, Masdar and KEA will 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.
"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 Ramahi.
Both parties have also agreed to exchange expertise in renewable energy and other areas like energy auditing, smart grids, and energy storage.
Dr Kang said, “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 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.
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., Ltd. to support the commercialisation of low-energy reverse osmosis seawater desalination plants in the Middle East, North Africa and Asia.