The Korea Power Electric Corp. (KEPCO), a South Korean state-run utility, has signed Memorandum of Cooperation (MoC) with India’s Power Grid Corporation of India Ltd (PGCIL) for the expansion of renewable energy projects in both countries.
The MoC was signed during a bilateral business forum held in New Delhi on the sidelines of the summit between South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi.
Under the MoC, both sides have agreed to partner in development of renewable energy technologies, including energy storage systems (ESS), smart grids, electric vehicle charging systems, and further explore to jointly participate in India’s growing energy market.
According to government data, over $42 billion investment has come to India in clean technologies, including solar, wind, biomass, smart grids, and ESS in last four years.
KEPCO will employ an advanced inspection system, especially in the northern regions to reduce India’s high electric power transmission and distribution losses.
In the recent past, India has signed agreements with several countries for the expansion of renewable energy. In May 2018, India signed an MoU with France to expand renewable energy. The government of India has also signed MoU’s to co-operate in the renewable energy space with Greece, Fiji, Morocco, and Guyana.
According to the Mercom India’s India Solar Market Leaderboard 2018 report, India has emerged as the third largest solar market in the world behind China and the United States after a record 9.6 GW of solar installations in 2017 – more than double the 4.3 GW installed in 2016.
According to Mercom’s India Solar Tender Tracker, approximately 7 GW of solar capacity was tendered in India in June 2018 and to tender trajectory issued by the Ministry of New and Renewable Energy (MNRE), 30 GW is expected to be tendered in FY 2018-19.
Image credit: PMO India Twitter