Peak Energy, a regional renewable energy developer, has partnered with INUPS, a Korean energy platform company, to advance rooftop solar projects nationwide. As South Korea aims for net zero by 2050, the scarcity of land for large-scale solar installations is a challenge. However, the vast potential of rooftops—spanning residential, commercial, and industrial buildings offers a quick and efficient solution for solar panel installations.
There is also a growing number of private enterprises in Korea that have sustainability targets to hit and need access to copious renewable energy well in advance of 2050, as several companies subscribe to RE100 and have targeted 2030 for decarbonization.
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 corporates. The team in Peak 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 the sale of 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 comprised of experts with extensive experience in domestic and international renewable energy business development and investment over the past 10 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 Korean and international corporates in Korea to achieve their sustainability targets. We are keen to help by bringing global best practice".