South Korea enters South American market through smart grid deals

KEPCO signed seven MoUs this week in a bid to advance smart grid development in Latin America

In a bid to strengthen ties with South America’s smart grid industry, South Korean president Park Geun-hye has signed several deals during a presidential tour of the region.

The South Korean president is accompanied by a number of domestic companies including Samsung Electronics, LG and Doosan on a tour of Colombia, Peru, Chile and Brazil.

Korea and South America have agreed to partner on smart grid technology with the Korean Ministry of Trade, Industry and Energy signing a memorandum of understanding with its Columbian counterpart to boost joint cooperation in the energy sector.

In addition, state electric utility Korea Electric Power Corporation (KEPCO) announced this week that it will enter the power markets of Brazil, Chile, Columbia and Peru by signing deals to work on several aspects of smart grid including regenerative energy and electric power distribution.

KEPCO and Brazilian heads of state has also this week signed a MoU to co-operate on a nuclear power plant.

Brazil aims to build between four and eight nuclear power plants by 2030, according to South Korean media reports.

South American and Asian smart grid ties

KEPCO has also signed a number of deals with the governments and agencies in Peru and Chile, including a MoU with the Ministry of Energy and Mines in Peru and its primary electricity distributor, as well as deals signed with the Chilean Investment Agency for investment in power generation.

Cho Hwan-eik, president of KEPCO, said that MoUs signed with South American partners will act as a launch pad for South Korea to enter the South American market and “bring about a more sustainable energy future for relevant parties.”