Peak Energy has signed a Memorandum of Understanding (MOU) with Shinsung E&G and YSP Co. Ltd. to develop a 50MW solar power rooftop portfolio in South Korea. This strategic partnership is designed to increase income for building owners and deliver green power to firms with RE100 commitments, marking a significant step forward for urban sustainability and renewable energy in the region.
New Strategic Solar Power Partnership
The South Korean government is actively encouraging the growth of renewable energy through regulatory changes that simplify solar panel installation on privately owned land and rooftops. These efforts align with the country’s broader goals of lowering its national carbon emissions and building a more sustainable energy grid.
Solar power panels on rooftops
With a strong track record of nearly 400 MW in solar projects across Asia, Peak Energy will lead business management, finance, and customer sourcing for this initiative. Meanwhile, Shinsung E&G and YSP Co. Ltd. will focus on securing rooftops and overseeing the construction of the solar installations, ensuring the project benefits from a blend of international expertise and local knowledge.
Roles and Responsibilities in the Solar Power Project
At the groundbreaking ceremony in Seoul, Peak Energy CEO Gavin Adda emphasized the collaboration’s importance in achieving South Korea’s renewable energy targets. “We are proud to contribute significantly to Korea’s ambitious renewable energy goals by working with government and international partners like Shinsung and YSP,” he stated. “Together, we will accelerate the rollout of urban energy sustainability solutions such as rooftop solar power.”
Su-ok Choi, Vice President of Shinsung’s Renewable Energy Business Division, highlighted the partnership’s synergy. He noted that it “will invigorate the domestic solar power market and lay the groundwork for achieving carbon neutrality and green energy objectives in South Korea.”
The 50 MW rooftop solar portfolio will make a significant contribution to South Korea’s renewable energy policy by reducing dependence on fossil fuels, cutting greenhouse gas emissions, and supplying green energy to companies committed to sustainability. This project will also help Seoul meet its RE100 targets and demonstrate that large-scale rooftop solar projects are viable even in densely populated urban areas.
About the Partner Companies
Founded in Singapore, Peak Energy is a leading developer in the region’s renewable energy sector, owning and operating assets across Asia with a focus on solar, wind, and hydro projects. The company is fully owned by Stonepeak, an infrastructure and real assets investment firm with $57.9 billion in assets under management.
Shinsung E&G, a major South Korean solar producer, manufactures eco-friendly solar modules and operates solar power plants. It provides comprehensive renewable energy services through its ‘Eco Platform,’ which offers solutions like power generation monitoring and economic analysis for RE100 companies.
YSP Co. Ltd. has extensive experience in the South Korean market, specializing in acquiring rooftops and leading solar installation projects. Its deep market knowledge makes it a key partner in this ambitious solar rooftop initiative.
Prospects for Solar Power in South Korea
This partnership between Peak Energy, Shinsung E&G, and YSP Co. Ltd. is poised to be a catalyst for the rooftop solar power industry in South Korea, creating a model that can be replicated in other regions. The project’s success could lead to further collaborations, helping South Korea move closer to its renewable energy goals and setting an example for other countries to follow.
As South Korea continues to expand its renewable energy portfolio, this initiative is set to play a crucial role in the country’s transition to a sustainable energy future, demonstrating the potential of urban solar power to meet the energy needs of tomorrow.
