SINGAPORE and SEOUL, South Korea, Oct. 11, 2024 /PRNewswire/ -- Peak Energy, a regional renewable energy developer, has signed a partnership agreement with INUPS, a Korea energy platform company, to develop rooftop projects across the country.

South Korea is targeting to reach net zero by 2050, and while land available for solarization in the country is limited, there is a huge potential of rooftops, both residential and belonging to commercial and industrial buildings, which are suitable for the installation of solar panels quickly and easily.

There is also a growing number of private enterprises in Korea which have sustainability targets to hit and need access to copious renewable energy well in advance of 2050, as several companies are 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 South-East 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 business, 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 practices."

About Peak Energy

Peak Energy is headquartered in Singapore and is an Independent Power Producer that develops, owns, and operates renewable assets across Asia. Peak Energy's activities encompass the whole specter of renewable energy business models such as utility-scale development, off-site PPAs, onsite PPAs and energy storage applications, in order to position itself as the one-stop partner for corporates seeking to decarbonize their operations in Asia Pacific. Peak Energy has nearly 300 MW of operating solar projects across Asia. For more information, please visit https://www.peakenergy.asia. Peak Energy is wholly-owned by Stonepeak. Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $71 billion of assets under management.

About INUPS

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. It is leading the establishment of an advanced country-type energy business model and is currently promoting various new energy businesses such as DR (demand resource trading) and O&M (management and operation). In addition, it has recently rapidly entered the domestic rooftop solar power market based on its nationwide network of metropolitan gas companies and sales offices.

Through this partnership, INUPS aims to lead the domestic rooftop solar power market by creating various synergies and new growth engines in the energy new business market.