Peak Energy and TOPINFRA join forces to develop more than 500 MW of renewable projects in Korea
SEOUL, South Korea, Dec. 15, 2023 /PRNewswire/ -- Peak Energy Investments Ltd. ("Peak Energy"), a renewable platform owned by Stonepeak, announced a joint venture with Korean based renewable developer TOPINFRA today. This partnership will lead to the development and management of more than 500 MW of solar and battery projects.
As part of the joint venture, Peak Energy will invest into an operating and in-construction solar portfolio of more than 70 MW as well as provide funding to support a development pipeline. The investment highlights Peak Energy's commitment to supporting developers during the early project development phases. This portfolio contributes to Peak Energy's existing portfolio in Korea, which includes a 100 MWp solar project in Jeollanam-do.
The portfolio includes state-of-the-art projects combining both solar and battery technologies to deliver stable power generation. This will become an increasingly important component of future renewable energy developments across Asia.
Peak Energy was formed in 2020 by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with more than USD 57 billion under management, as a dedicated platform to develop, construct, and operate renewable projects in Asia.
Gavin Adda, CEO of Peak Energy said, "Peak Energy is focused on working with the best, long-term partners that we can find. We are very pleased to launch this joint venture with one of the top independent developers in Korea. TOPINFRA has proven capacity to develop and deliver projects quickly and safely. We see this as just the beginning of a fantastic relationship. With this partnership, we combine global best practices with local excellence."
Tristan Jung, CEO of TOPINFRA said, "We are excited and believe this partnership can become a foundation for a leading platform targeting renewable and other new technologies. We are grateful for the shared trust, vision and dedication among all the Peak Energy and TOPINFRA team members."
About Peak Energy
Peak Energy is an Independent Power Producer that develops, owns, and operates renewable assets across Asia. In partnership with high-quality local partners, an experienced team manages Peak Energy's energy assets from origination and development through to operations and decommissioning with best-in-class industry best practices. Peak Energy has two fully operational solar assets jointly comprising 128 MW. For more information, please visit https://www.peakenergy.asia/ .
TOPINFRA is a developer group established in 2001 and launched its PV business unit in 2006. TOPINFRA group companies respectively cover the whole value chain including development, design, construction and O&M. It has 550MW+ PV track record in Korea and project management experience for small scale ODA projects in developing countries. For more information, please visit https://www.topinfra.co.kr/ .
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $57.9 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, social infrastructure, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.
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This press release, from which no legal consequences may be drawn, is for information purposes only. This press release may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither Peak Energy, TOPINFRA nor any of their respective subsidiaries or affiliates assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
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SOURCE Peak Energy