Peak Energy to develop 50 MW of rooftop solar in S Korea

Singaporean renewable power producer Peak Energy, owned by US investment group Stonepeak, has signed a memorandum of understanding (MOU) for the development of a 50-MW portfolio of rooftop solar projects in South Korea.

The pact was sealed with Shinsung E&G, a domestic solar module manufacturer, and YSP Co Ltd, according to a statement released on Friday. The initiative is underpinned by the introduction of measures by the South Korean government that aim to increase solar deployment on small plots of land and rooftop areas and support the national net zero targets.

The arrangement calls for Peak Energy to take care of project coordination, business management and financing. The company will also be in charge of securing corporate power off-takers for the photovoltaic (PV) plant’s output, while Shinsung and YSP will focus on sourcing rooftops and will lead construction activities.

Peak Energy has realised more than 400 MW of solar projects across 13 Asian countries. At the end of last year, the company joined forces with South Korea-based Topinfra to develop over 500 MW of solar and battery storage capacity in the Asian country.

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