Protean Energy Limited and KEPCO Plant Service & Engineering Co., Ltd. Enter Strategic Relationship for Renewable Energy Projects
July 27, 2017 at 04:44 am IST
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Protean and KEPCO Plant Service and Engineering Co Ltd. have signed a project co operation agreement to jointly pursue renewable energy projects in Australia, Korea and across the Asia Pacific region. Protean will identify and take the lead on renewable energy projects in Australia and KPS will identify and take the lead on projects in Korea. Elsewhere the companies will lead according to the strength of the customer relationships on a particular project. The two companies will cooperate on projects involving wave energy, solar photovoltaic, other renewable energy sources and commercial and industrial energy storage systems in the growing renewable energy and microgrid market across the Asia Pacific region. Cooperation under the agreement has the potential to leverage Protean's core technologies in wave energy and energy storage systems combined with the financial strength, world class technical and maintenance capability of KPS. Asia Pacific represents over 45% of the world renewable market valued at approximately USD 165 billionlast year and has a forecast CAGR of over 12% in the region for the next ten years. Over AUD 7 billion of renewable projects have been committed in Australia alone this calendar year.
KEPCO Plant Service & Engineering Co Ltd is a Korea-based company mainly engaged in the provision of maintenance services. The Company operates its business through five segments. The Thermal Power Business segment provides regular maintenance services for thermal power plants, planned preventive maintenance services, renovation services, commissioning maintenance services. The Nuclear and Hydro Business segment provides regular maintenance services for nuclear and hydro power plants, planned preventive maintenance services, renovation services. The Transmission Business segment provides services such as maintenance and live line maintenance and high voltage direct current (HVDC) facility inspection and maintenance. The External Business segment operates domestic power generation industry facility maintenance services and new renewable energy business. The Overseas Business segment provides operation and maintenance services for overseas power generation facilities.