Singapore-headquartered renewable energy developer Peak Energy has signed a memorandum of understanding (MOU) to pursue a 50MW rooftop solar portfolio in South Korea.
The MOU was signed with Korean solar module producer Shinsung E&G and YSP Co., Ltd. and follows the Korean government’s introduction of initiatives to increase solar deployments.
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A report from Fitch Solutions Country Risk and Industry Research in 2023 predicted that solar PV would be the dominant renewable energy source in South Korea for the next decade. It forecast around 12GW of new PV capacity by 2032, contributing to a total 46GW of renewable energy capacity that will be dominated by hydropower.
Gavin Adda, CEO of Peak Energy, said: “Peak Energy is committed to Korea. We currently own and operate 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 focused on catalysing the rooftop solar industry. We are keen to help by bringing global best practices.”
Peak Energy recently signed a deal with Singapore-based data centre platform Digital Edge to power its data centres across the Asia-Pacific region with renewable energy projects. The initial pipeline of 500MW of solar PV, wind and energy storage capacity will focus on projects in Japan, Korea, Indonesia, India, and the Philippines.
In December last year the company launched a joint venture with Korean clean energy developer TOPINFRA, seeking to develop 500MW of solar PV and energy storage assets in Korea.
