Peak Energy signs MOU with Shinsung E&G and YSP to develop solar rooftop portfolio in South Korea

July 3rd, 2024, Peak Energy, a leading renewable developer in Asia, has signed a Memorandum of Understanding (MOU) with Shinsung E&G ("Shinsung") and YSP Co., Ltd. to jointly develop a 50 MW solar portfolio in South Korea. The agreement is designed to be a win-win structure by providing increased revenue to existing building owners and green power to RE 100 companies.

Recently, the South Korean Government has reinforced initiatives to increase development of renewable energy projects, introducing regulatory changes to facilitate solar deployment on small plots of land and available rooftops. These initiatives are designed to help South Korea reduce power costs, improve energy security and to meet ambitious net zero targets.

Peak Energy is led by a team that has developed the largest solar rooftop portfolio in Asia, with over 400 MW of projects completed across 13 countries in the last few years. Under this agreement, Peak Energy will be responsible for project coordination, business management, financing and sourcing corporate customers for the power. Shinsung and YSP will focus on sourcing rooftops and lead construction activities.

Su-ok Choi, Vice President of Shinsung's Renewable Energy Business Division, said, "Through this agreement, we expect to further revitalize the domestic solar energy market and create positive synergy among the three companies. We will continue to do our best to achieve carbon neutrality in the future."