Peak Energy partners with Shinsung E&G and YSP to develop 50MW solar portfolio in South Korea

Peak Energy has signed a Memorandum of Understanding (MOU) with Shinsung E&G (“Shinsung”) and YSP Co., Ltd. to jointly develop a 50 MW solar portfolio in South Korea. The agreement aims to create a mutually beneficial structure by providing increased revenues to existing building owners and providing green energy to RE 100 companies.

The South Korean government recently stepped up initiatives to support renewable energy projects, introducing regulatory changes to facilitate solar deployment on small plots and accessible rooftops in a bid to lower energy costs, increase energy security and achieve ambitious net-zero emissions goals.

Led by a team that has developed the largest portfolio of solar rooftops in Asia, with over 400 MW of projects completed in 13 countries, Peak Energy will handle project coordination, business management, financing and corporate energy customer acquisition. Meanwhile, Shinsung and YSP will focus on rooftop acquisition and construction operations.

Gavin Adda, CEO of Peak Energy 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 Shinsung’s renewable energy business, 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 our utmost to achieve carbon neutrality in the future.”

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