LS Industrial Systems Co. (LSIS), a South Korean manufacturer of electric power and automation equipment, announced on November 23 that it has signed a memorandum of understanding (MOU) with Macquarie Capital to strengthen the competitiveness in the solar power and energy storage system (ESS) operation sector.
The signing ceremony was attended by officials from the two companies such as Oh Jae-seok, head of power business operations at LSIS, and David Roseman, head of global infrastructure at Macquarie Capital. The two companies shared expertise and know-how in the domestic solar power project and photovoltaic ESS construction sectors.
With the latest MOU, LSIS expects to expand its new business and stably raise finance, strengthening the solar power ESS business basis, while Macquarie Capital will be able to make a continuous investment in the smart energy sector.
Their first project would be to build a 7-megawatt ESS worth 3 billion won (US$2.76 million) for Morning Solar Power, a newly acquired affiliate of Macquarie Capital, at its 3-megawatt power plant in Goesan County, North Chungcheong Province. LSIS would be in charge of engineering, procurement and construction (EPC) as well as operation and management (O&M), while Macquarie Capital would develop power projects in South Korea and provide the financing.