Multinationals sign MoU for Northeast Asian power grid

In an announcement today, four companies, from Japan, China, South Korea and Russia, have agreed to work together to promote an interconnected power grid spanning Northeast Asia. Japanese telecoms group SoftBank, State Grid of China, Korea Electric Power and Russia's grid operator PJSC Rosseti have all signed a memorandum of understanding (MoU) to cooperate on research and planning for the project. The group will first undertake feasibility studies on power grid interconnections in the region and jointly promote cleaner energy supplies before seeking government support in implementing the proposed plans.

(From left) Masayoshi Son (Chairman & CEO of SoftBank Group Corp.), Shu Yinbiao (President of State Grid Corporation of China), Cho Hwan-Eik (President, CEO & Standing Director of Korea Electric Power Corporation) and Roman Berdnikov (First Deputy Director General of PJSC ROSSETI) sign MOU in Beijing. (Photo: Business Wire)

BEIJING--(BUSINESS WIRE)--SoftBank Group Corp. (SBG) today announced its signing of a joint Memorandum of Understanding (MOU) with China headquartered and world-leading power transmission company State Grid Corporation of China (“SGCC”), Korean public power leader Korea Electric Power Corporation (“KEPCO”), and one of the world’s largest electric companies and operator of Russia’s energy grid PJSC ROSSETI (“ROSSETI”) on a framework to cooperate on research and planning to promote an interconnected electric power grid spanning Northeast Asia.

Based on this MOU, the four companies will start feasibility studies on multinational power grid interconnection in the Northeast Asia region and jointly conduct business evaluation studies. The four companies will then request relevant governments to support and form business structures to realize the proposed plan.

SBG, SGCC, KEPCO and ROSSETI will cooperate to realize and promote global power grid interconnection in Northeast Asia.

About the SoftBank Group

The SoftBank Group is a global technology player that aspires to drive the Information Revolution by supporting disruptive entrepreneurs. The SoftBank Group is comprised of the holding company SoftBank Group Corp. (TOKYO:9984) and its global portfolio of companies, which includes advanced telecommunications, media and Internet services and clean energy technology providers. To learn more, please visit www.softbank.com.