SEOUL, Jul. 10 (Korea Bizwire) — The state-run Korea Power Electric Corp. (KEPCO) said Tuesday it will beef up technology cooperation with India’s state-run power company for renewable energy projects as it strives to make inroads into the vast market.
KEPCO signed a memorandum of cooperation with Power Grid Corporation of India Ltd.(PGCIL) during a bilateral business forum held in New Delhi on the sidelines of the summit between the two nations’ leaders.
The two companies agreed to collaborate for development of renewable energy technologies, including energy storage systems (ESS), smart grids and electric vehicle charging systems, to explore ways to jointly enter India’s growing energy market.
India’s renewable energy sector attracted investments exceeding $42 billion over the past four years for clean technologies, including solar, wind and biomass as well as smart grids and ESS, according to its government’s data.
KEPCO said it will also adopt an advanced inspection system to reduce India’s high electric power transmission and distribution losses, especially in the northern regions, to help meet its growing energy needs.
PGCIL is an Indian state-owned electric utilities company that transmits about half of the total power generated in the nation on its transmission network.