Spanish firm to invest $100 m in Jeollanamdo

blue solar panel board
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During a business forum in Madrid, Spain, with Spanish Prime Minister Pedro Sanchez, South Korea’s President Moon Jae In proposed a closer partnership between the two countries in order to tackle climate change in a combined effort.

Shortly after the meeting two Spanish firms revealed their plans to invest a combined sum of $ 200 m in the renewable energy business in South Korea. While the Madrid based company Ocean Winds will make an initial investment of $ 100 m to establish an offshore wind power plant in Incheon, EDPR will invest an additional $ 100 m in a solar power farm in Goheung, Jeollanamdo.

This investment is another big step in Jeollanamdo’s blue economy plan to become a center of Korea’s renewable energy industry. Just earlier this year, President Moon unveiled plans for the world’s biggest wind farm just west of the coast of Mokpo (Read more here).

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