The Korea Energy Agency has signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE)-based smart energy firm Masdar.
The MoU enables the two to collaborate on accelerating investments in renewable energy projects in Korea and was signed by Mohamed Jameel Al Ramahi, CEO of Masdar and Dr. Nam Hoon Kang, President of the Korea Energy Agency.
Masdar and the energy agency will develop renewable energy projects using solar, wind, energy storage, floating solar power and waste-to-energy technologies.
They have plans to expand the MoU and exchange expertise in new energy industry fields covering energy auditing, smart grids, energy storage and other related areas.
The partnership is expected to help Korea achieve its renewable energy and carbon emission reduction goals.
Masdar and the Korea Energy Agency initiated their partnership during the Korea-UAE bilateral Economic Cooperation Council meeting in March.
Ramahi, said: “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.”