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Hyundai Electric & Energy Systems Co. will design and build an industrial energy storage system (ESS) and large-scale renewable power plants, in cooperation with Pacifico Energy Korea, a South Korean unit of US Pacifico Energy.
Under the preliminary deal, the two entities will expand bilateral cooperation in the local renewable and distributed energy sector and the transmission and transformation of the electric power sector.
Pacifico Energy Korea, a renewable energy developer, will be the financial investor and developer of the project.
South Korea's industrial ESS and renewable power market are forecast to grow to 9 trillion won by 2030, helped by the Korean-version New Deal that would to invest 160 trillion won on energy projects by 2025.
Hyundai Electric is a unit of shipbuilding group Hyundai Heavy Industries Group.
Pacifico Energy, one Japan's biggest utility-scale PV developers, has been building solar projects in South Korea and Vietnam.
