South Korea, U.K. to Collaborate on Nuclear, Renewable Energy

South Korea and the U.K. plan to exchange technology and develop expertise in nuclear, wind and other renewable energy, the South Korean government said.

South Korea’s Knowledge Economy Ministry will sign an initial agreement with its U.K. counterpart for nuclear and renewable energy technology in London on April 27, the ministry said in an e-mailed statement. The Korea Wind Energy Industry Association will sign a similar accord with the U.K. Renewable Energy Association for wind energy.

South Korea, which operates 21 nuclear reactors at home, expects the collaboration will encourage local companies to invest in the renewable energy industry in the U.K., the ministry said.

For the U.K. to meet its binding European Union target of deriving 15 percent of energy from renewable energy by 2020, sales from the industry would need to be closer to 50 billion pounds ($81 billion), the U.K. Renewable Energy Association said on April 23.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net