Abu Dhabi: Masdar and Korea Energy Agency (KEA) are exploring collaboration in the energy sector by boosting investment in renewables.

The two sides signed a Memorandum of Understanding (MoU) on Tuesday coinciding with the visit of the South Korean President Korea Moon Jae-in to the UAE.

Under the terms of the agreement, Masdar and KEA aim to establish a potential strategic partnership to encourage renewable energy investment in Korea and to develop a number of renewable energy projects using solar, wind, energy storage, floating solar power and waste-to-energy technologies, among others.

“Our partnership with the Korea Energy Agency will allow us to strengthen our relationship with Korea and accelerate the deployment of renewable energy and new energy industry projects to improve energy security and spur innovation in smart urban development,” Mohammad Jameel Al Ramahi, Masdar’s chief executive officer, said in a statement.

Both parties will also exchange expertise in the renewable energy and new energy industry fields covering energy auditing, smart grids, energy storage and other related areas.

Masdar already has ties with companies in Korea. It recently signed a strategic agreement with global infrastructure and energy development company Daewoo Engineering and Construction Company to support the commercialisation of low-energy reverse osmosis seawater desalination plants in the Middle East, North Africa and Asia.