German investment firm Aquila Capital and South Korean renewable developer TopInfra have established a joint venture (JV) to develop solar PV, wind and battery energy storage system (BESS) projects in South Korea.
The partnership, dubbed Aquila Development Partners, currently has a pipeline of 430MW of solar PV and 1GW of wind power at various stages of development.
This marks a further expansion for Aquila Capital since establishing its regional hub for Asia Pacific in Singapore two years ago, and will combine its international expertise with TopInfra’s local knowledge in renewables from the South Korean market to the JV.
“The renewable energy capacity demands in South Korea are expected to double between now and 2050 – to meet this, significant institutional investment is required, and we look forward to exploring the co-development of additional asset classes as the needs evolve,” said Alexander Lenz, CEO of Aquila Capital Asia Pacific.
Earlier this year, Aquila Capital acquired 100MW of solar projects in Spain and a 51% stake on 421MW of solar PV and 90MW of energy storage in Italy.