French Areva, S Korea Kepco to cooperate in renewable energy

Nov 6, 2013 - French nuclear group Areva (EPA:AREVA) and South Korean biggest utility Kepco (NYSE:KEP, KRX:015760) announced yesterday a Memorandum of Understanding (MoU) for cooperation in the renewable energy sector.

The agreement will allow Areva to identify jointly with Kepco commercial opportunities in several renewable energy segments, namely offshore wind, energy storage, concentrated solar power and biomass. These segments are given priority because the French group has solid expertise in these fields.

The two companies will focus their cooperation on the region of Southeast Asia.

To date, Areva has more than 2,500 MW of bioenergy installed, 300 MW in concentrated solar power and 600 MW of offshore wind currently being installed. Although it is an established player in the nuclear energy field, the group has the ambition to further develop its renewable energy expertise.

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