Singapore and Seoul, South Korea (ANTARA/PRNewswire) – Peak Energy, a regional developer of renewable energy, has announced a partnership with INUPS, a South Korean energy platform company, to expand rooftop solar projects across the country.
South Korea aims to achieve net-zero emissions by 2050. However, available land for solar energy projects is limited. The country has significant potential for solar installation on rooftops of residential, commercial, and industrial buildings. These rooftops can accommodate solar panels quickly and efficiently.
A rising number of private companies in South Korea are setting sustainability goals and require substantial access to renewable energy before the 2050 deadline. Many of these businesses are part of the RE100 initiative and aim to decarbonize by 2030.
Under the new partnership, Peak Energy and INUPS will work on developing rooftop solar projects that connect to the utility grid. The electricity generated will be sold through the grid to large corporations. Peak Energy has already completed over 400 projects in 13 Southeast Asian countries, including Singapore, Indonesia, and Thailand.
INUPS collaborates with gas operators in South Korea to create a new energy platform, giving them strong access to corporate clients. The initial phase of the agreement aims to develop 30 megawatts (MW) of solar energy, with plans to expand to over 200 MW.
Peak Energy will handle project development and construction until the commercial operation date (COD) and manage long-term power purchase agreements (PPAs) for energy sales to corporate buyers. Meanwhile, INUPS will oversee operations and maintenance (O&M).
Kim Hyung-jun, Vice President and Chief Operating Officer of INUPS, emphasized the expertise of his team. “Our key executives and employees have over a decade of experience in domestic and international renewable energy development and investment. With this partnership, we aim to lead the domestic rooftop solar market swiftly.”
Gavin Adda, CEO of Peak Energy, expressed commitment to South Korea, highlighting that the company currently operates one of the nation’s largest projects. He stated, “Peak and our partners are dedicated to supporting the South Korean Government in achieving its energy goals and helping both Korean and international companies meet their sustainability targets. We look forward to introducing global best practices in this initiative.”
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