July 5, 2024

Peak Energy Signs MOU for 50 MW Solar Rooftop in Korea

Asia’s largest rooftop PV developer Peak Energy has signed an MOU with Shinsung E&G and YSP Co Ltd to create a 50MW solar rooftop portfolio in South Korea.

The partnership will not only increase income for the building owners, but also provide firms that have signed RE100 pledges with some green power.

The three companies will utilize their massive research and urban technology experience to help cities replicate and mainstream urban solar energy, which can be an alternative to rising utilization rates.

New Strategic Partnership

The South Korean government is also blocking sunlight to lower power costs on the other hand, South Korea’s government is taking steps to expedite the expansion of renewable energy on the market through regulatory changes.

These regulatory changes make it easier to install solar on small privately owned lands and rooftops.

It shows that South Korea is not only aiming for to reduce national carbon emissions footprint but also making efforts to build a more sustainable energy grid for the country.

Peak Energy, which has developed nearly 400 MW of solar projects in Asia, will provide the forward coordination, business management, finance, and source end-customers. Shinsung and YSP will source rooftops for the project – or, put another way, customers for their peers.

Contractually, Shinsung and YSP are fully responsible for building the project so organisational responsibility and the installation will be streamlined through a local lens. Peak Energy’s ability to finance and source the corporate clients is key to the success of the project from a pure economics perspective, while local knowledge is critical in the delivery by its counterparts.

Roles and Responsibilities

We are proud to be making a major contribution to Korea’s ambitious renewable energy targets, which seek to introduce global best practices,’ declared Peak Energy’s CEO Gavin Adda at Seoul’s groundbreaking ceremony on Thursday.

‘Working with government and international partners such as Shinsung and YSP, we will speed up the roll-out of urban energy sustainability solutions such as rooftop solar.

According to Su-ok Choi, Vice President of Shinsung’s Renewable Energy Business Division, ‘There will be perfect synergy and create renewed momentum in our domestic solar [and] energy markets’, as well as helping us ‘lay the groundwork for carbon neutral and green energy through this new energy.

The construction of a 50 MW solar rooftop portfolio for business buildings will contribute to the goals of South Korea's renewable energy policy, reducing the dependence on fossil fuels, reducing greenhouse gas emissions, and allowing green energy to be supplied to companies promoting ecology.

Furthermore, this project would help Seoul meet its RE100 targets – a commitment by global businesses to source 100 per cent of their power from renewable energy sources. In busy urban contexts like this, rooftops are the most efficient use of available space for generating energy. If large-scale rooftop solar can be made to work in Seoul, it should be possible to achieve the same anywhere.

Renewable Energy companies’ Landscape

Founded in Singapore, Peak Energy is active in the region, developing, owning and operating renewable assets across Asia with an initial emphasis on solar, wind and hydro.

We are excited by the opportunity to develop renewable energy assets where and when they are needed most, spanning multiple renewable energy business-models including utility-scale development, offsite and onsite PPAs, and energy storage applications.

The company is 100 per cent owned by Stone peak, an infrastructure and real assets investment firm that ‘invests in real assets that provide essential services to societies and economies across the globe and that has $57.9 billion of assets under management.

The other major South Korean domestic solar power producing company is Shinsung E‾G, which manufactures eco-friendly solar modules and operates solar power plants, providing end-to-end renewable energy services through its ‘Eco Platform’, which offers solutions to RE100 companies for effective and optimal implementation of renewable energy, such as power generation monitoring and economic analysis.

YSP Co., Ltd is another important partner in this shift towards renewable energies. Its main activity is purchasing rooftops and spearheading the construction of solar installation systems. The company’s presence in the South Korean market for decades makes it a valuable partner in the current project.

The Future Prospects

This partnership is expected to catalyze the rooftop solar industry in South Korea, setting a precedent for future projects. By combining the strengths of Peak Energy, Shinsung, and YSP, the project aims to create a replicable model for other regions to adopt.

The success of this initiative could pave the way for further collaborations, driving South Korea closer to its renewable energy targets and setting an example for other nations to follow.

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