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South Korea to Work With U.K. on Wind, Nuclear Power

(Corrects name of lobby group in second paragraph.)

April 25 (Bloomberg) -- The South Korean government said it agreed to exchange technology and develop expertise in nuclear, wind and other renewable energy with the U.K.

South Korea’s Knowledge Economy Ministry will sign an initial agreement with its British 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 RenewableUK lobby group.

South Korea, which operates 21 nuclear reactors at home, expects the collaboration to encourage local companies to invest in the renewable energy industry in Britain, 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 Renewable Energy Association, a separate industry group, 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

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