November 29, 2024

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SK Ecoplant CEO Park Kyoung-il (left) stands with International Operations of CSCEC CEO Wang Shaofeng during a memorandum of understanding signing ceremony in Seoul, Wednesday. (SK Ecoplant)

SK Ecoplant said Thursday it struck up a partnership with world-class builder China State Construction Engineering Corp. in a bid to ramp up their joint efforts for further attracting overseas renewable energy projects.

Under a memorandum of understanding, the construction unit under SK Group and CSCEC said they will be working together to target unexplored renewable energy markets overseas.

For the partnership, SK Ecoplant will attract project financing loans and provide green hydrogen and renewable energy technology to CSCEC, while the Chinese builder will facilitate business attraction by offering its network in some 77 countries.

According to SK Ecoplant, the two companies will target Egypt and China for their first overseas business projects. Egypt is regarded as a promising producer of green hydrogen with its abundant sunlight, optimal weather conditions and territorial size, while China’s vast solar power market has great potential.

According to SK Ecoplant, China is also in high demand for renewable energy from SK group affiliates that have forayed into the Chinese market.

"We will accelerate our efforts to advance into the global renewable energy market through strategic cooperation with CSCEC, the world's number one builder," said SK Ecoplant CEO Park Kyoung-il.

CSCEC currently stands as the largest construction company in the world in terms of sales. SK Ecoplant is currently expanding its business portfolio from its initial construction business to development of renewable energy solutions.

By Lee Yoon-seo (yoonseo.3348@heraldcorp.com)