Spanish companies specializing in renewable energy will make investments worth 200 million U.S. dollars in South Korea. 

The Ministry of Trade, Industry and Energy on Wednesday announced the decisions by two Spanish firms, Ocean Winds and EDP Renováveis, saying the commitments were secured during President Moon Jae-in’s ongoing state visit to Spain. 

According to the ministry, Ocean Winds, a joint venture between EDP Renováveis and French firm ENGIE, will invest 100 million dollars regarding its plan to build an offshore wind farm in Incheon. 

EDP Renováveis will also invest 100 million dollars separately to build a solar power plant in Goheung in South Jeolla Province. 

Trade, Industry and Energy Minister Moon Sung-wook expected the investments will help boost the economies of the South Korean regions and facilitate related investment between the two countries. 

Meanwhile, GS Energy signed with Spain’s biggest electricity company Iberdrola a memorandum of understanding to cooperate on joint investment.