- Peak Energy, a regional renewable energy developer, has signed a partnership agreement with INUPS, a Korean energy platform company.
- INUPS is a joint vehicle with gas operators across South Korea to build an energy platform for new energy businesses, with excellent access to corporate customers.
Peak Energy, a regional renewable energy developer, has partnered with INUPS, a Korean energy platform company, to develop rooftop projects in South Korea.
South Korea aims to reach net zero by 2050. While land available for solarization in the country is limited, there is a huge potential for rooftops, both residential and belonging to commercial and industrial buildings, that are suitable for the installation of solar panels quickly and easily.
There is also a growing number of private enterprises in Korea that have sustainability targets to hit and need access to abundant renewable energy well in advance of 2050. Several companies subscribe to RE100 and have targeted 2030 for decarbonisation.
Through this partnership agreement, Peak Energy and INUPS will develop rooftop solar projects connected to the utility grid and sell the power generated through the grid to large corporations. The Peak team has developed more than 400 projects over the last few years across 13 countries in Southeast Asia, including Singapore, Indonesia, and Thailand.
INUPS is a joint vehicle with gas operators across South Korea to build an energy platform for new energy businesses, with excellent access to corporate customers. This first agreement is focused on developing 30MW, but the plan is to target more than 200 MW.
Peak Energy will be responsible for project development and construction until COD and for selling the energy generated on a long-term PPA basis to corporate off-takers, while INUPS will be responsible for the O&M.
Kim Hyung-jun, Vice President/Chief Operating Officer of INUPS, who led this partnership agreement, said, “INUPS’ key executives and employees are experts with extensive experience in domestic and international renewable energy business development and investment over the past ten years. Based on this partnership agreement, we will quickly lead the domestic rooftop solar market in the future.”
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 helping Korean and international corporations in Korea achieve their sustainability targets. We are keen to help by bringing global best practices.“
Peak Energy is headquartered in Singapore and is an Independent Power Producer that develops, owns, and operates renewable assets across Asia. INUPS is an energy new business platform company established with investment from six metropolitan city gas companies: Gyeongdong City Gas, Gunsan City Gas, Daeryun ENS, Mirae Enseohae Energy, CNCT Energy, and JB.