South Korea’s state-run utility company Korea Electric Power Corp. (KEPCO) said on Tuesday it has signed an agreement with India’s Power Grid Corporation of India Ltd. (PGCIL) to cooperate on new energy infrastructure projects in India, a move that will enable KEPCO to tap into India’s burgeoning new renewable energy market.

PGCIL, founded in 1989, is India’s state-run utility firm that is currently responsible for 45 percent of total power demand in India.

Under the agreement, KEPCO and PGCIL will work together to explore new opportunities in the areas of energy storage system, smart grid and charging infrastructure station for electric vehicles in India. KEPCO will also help to reduce the country’s 25-percent power loss during transmission with its automatic meter reading technology.

The latest agreement is expected to help the Korean utility company make fast inroads into the Indian new renewable energy market that is poised for rapid growth on the Indian government’s latest policy goal to expand power infrastructure in the country.

Indian Prime Minister Narendra Modi recently laid out new energy development plans and initiated various projects to build more power networks in the country. The key plans are to supply seamless electricity to all people around the clock in the country, to build 100 smart cities, to increase solar power generation to 225 gigawatts by 2022, and to add more renewable energy facilities, smart grids and energy storage systems.

The Indian government is expected to soon announce nation-wide power and smart grid projects, a KEPCO official said.

The two companies announced their partnership while KEPCO joined the Korean business delegation that are accompanying Korean President Moon Jae-in’s four-day state visit to India.

By Lee Dong-in and Lee Ha-yeon

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