Peak Energy Signs MoU with Shinsung E&G and YSP to Develop Solar Rooftop Portfolio in Korea

SINGAPORE AND Seoul, South Korea, July 5, 2024 /PRNewswire/ — July 3^{r & d}2024, Peak Energy, a leading renewable energy developer in AsiaSigned a Memorandum of Understanding (MOU) with Shinsung E&G (“Shinsung”) and YSP Co., Ltd. to jointly develop a 50MW photovoltaic portfolio South KoreaThe agreement is designed to be a win-win structure, delivering increased revenue to existing building owners and green energy to RE 100 companies.

The South Korean government recently stepped up initiatives to boost renewable energy development, introducing regulatory changes to facilitate solar deployment on small plots and accessible rooftops. These initiatives are intended to help South Korea reduce energy costs, improve energy security and achieve ambitious net-zero emissions goals.

Peak Energy is led by the team that has built the largest portfolio of solar roofs in the world Asiawith over 400 MW of projects completed in 13 countries in the past few years. Under this agreement, Peak Energy will be responsible for project coordination, business management, financing and acquiring corporate energy customers. Shinsung and YSP will focus on rooftop acquisition and construction activities.

Gavin AddaCEO of Peak Energy he said, “Peak Energy is committed to Korea, currently owning and operating one of the largest projects in the country. Peak and its partners are committed to helping the South Korean government achieve its goals, and this agreement is specifically aimed at catalyzing the rooftop solar industry. We want to help by introducing global best practices. That said, we rely on long-term, strategic partnerships to help us grow, and we are very pleased to be partnering with two of the leading players in the solar industry in Korea.“

Su-ok Choi, Vice President of Renewable Energy at Shinsunghe said, “With this agreement, we expect to further boost the domestic solar market and create positive synergies between the three companies. We will continue to do everything we can to achieve carbon neutrality in the future.”

About peak energy

Peak Energy is headquartered in Singapore and is an independent power producer that develops, owns and operates renewable assets across the globe AsiaPeak Energy’s business covers the full spectrum of renewable energy business models, including utility-scale development, off-site PPAs, on-site PPAs and energy storage applications, to position itself as a one-stop partner for companies looking to decarbonize their operations in Asia and Pacific. Peak Energy has almost 300 MW of operating solar projects worldwide Asia. For more information, visit https://www.peakenergy.asia. Peak Energy is wholly owned by Stonepeak. Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets, with approximately $57.9 billion assets under management.

About Shinsung E&G

Shinsung is a first-generation domestic solar energy company that produces efficient, environmentally friendly solar modules and is an industry leader South Korea by building and operating solar power plants. In addition, Shinsung has developed a cloud-based “Eco Platform” service that provides comprehensive renewable energy services and solutions for optimal RE100 implementation, including power generation monitoring and economic analysis for energy demand and supply companies.