UAE - Masdar, Abu Dhabi Future Energy Company, has announced the signing of a memorandum of understanding (MoU) with the Korea Energy Agency (KEA) for renewable energy collaboration and investment between the Republic of Korea and the UAE.
Mohamed Jameel Al Ramahi, Masdar's CEO, and Nam Hoon Kang, president and CEO of KEA, signed the MoU. Masdar and KEA 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, among others.
"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 Al Ramahi.
Both parties have also agreed to the possibility of expanding the scope of the collaboration in the future and will exchange expertise in the renewable energy and new energy industry fields covering energy auditing, smart grids, energy storage and other related areas.
Kang said: "Utilising Masdar and KEA's specialist knowledge and expertise will enable the Republic of Korea to advance its renewable energy goals."
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