Peak Energy inks deal for 50MW solar portfolio in Korea

They will jointly work on the project.

Singapore-based renewable energy developer Peak Energy has signed a memorandum of understanding with Shinsung E&G and YSP Co., Ltd. to develop a 50 megawatt solar rooftop 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,” Peak Energy said in a statement.

Under the agreement, Peak Energy said it will work on project coordination, business management, financing, and sourcing corporate customers for the power. Shinsung and YSP will source rooftops and lead construction activities, the company added.

The deal follows South Korea’s move to roll out efforts to boost the development and deployment of renewable energy projects like solar facilities in plots and rooftops. These are designed to help the country reduce power costs, improve energy security, and to meet its net zero targets.