Actis invests in South Korean renewable platform Argo Energy

UK investment firm Actis recently announced the completion of an investment into South Korean renewable energy platform Argo Energy.

Actis has committed to invest up to around USD 100 million (EUR 92.7m) and will own 100% of the platform, which is focused on the development of small utility scale and rooftop solar. Argo Energy currently has 110 MW of solar projects in operation or in advanced development and will target a contracted portfolio of over 400 MW over the next few years.

The deal marks Actis’ entry into the South Korean energy market and builds on the firms’ experience with real estate asset investments in the country.

“It’s an exciting time to be investing in Korean renewables. Korea is an energy intensive industrialised economy and needs to ramp up its renewable power generation to meet its target to get to net zero by 2050,” Asanka Rodrigo, Partner, Energy Infrastructure at Actis, said in an announcement last week.

The company noted that South Korea’s government last year set new renewables goals, aiming for a cumulative 72.7 GW capacity by 2030 and 108.3 GW by 2036, from 24.9 GW in 2021. The government has also introduced direct power purchase agreements (PPAs) and is encouraging corporate PPAs, along with working to address issues such as land and grid connection for larger projects, it added.

(USD 1 = EUR 0.927)

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