Local tech giant LG Electronics has teamed up with state-run Korea Water Resources Corp., better known as K-water, to develop floating solar power plants.

Floating solar power plants produce electricity from solar panels that are placed on the surface of ponds or reservoirs. The plants are said to be 10 percent more energy-efficient than land-based solar power plants.

On Tuesday, LGE’s energy business center chief Lee Sang-bong signed a memorandum of understanding with K-water president Choi Gye-woon outlining plans to jointly foster renewable energy, including solar energy.

The two entities plan to deploy floating solar panels at dams run by K-water nationwide.

“Generating solar power at reservoirs and coastal areas is the best way for creating synergy with other types of infrastructure aimed at the development of water resources,” said Lee of LGE.

K-water, which manages Korea’s water infrastructure, will also apply energy storage systems at its water treatment facilities and power plants to improve energy efficiency.

As for LGE, in addition to cooperating with K-water and other smaller firms to help nurture renewable energy, it will try to apply the partnership model in less-developed nations that lack power generation facilities.

By Kim Young-won (wone0102@heraldcorp.com)