Aquila Capital and renewable energy asset development company TopInfra have formed a JV to develop and construct solar, wind and BESS projects in South Korea.
Aquila Development Partners joins TopInfra’s vast local experience in the renewable energy space with Aquila Capital’s international expertise in investing in, developing, building, and operating renewable energy assets, the pair said.
This marks an important milestone for Aquila Capital since opening its regional hub for Asia Pacific in Singapore in 2020 and underscores its continued commitment to growing its business in the region.
The JV pipeline includes 430MW of solar PV and 1000MW of wind power, which are at various stages of development.
South Korea is currently the 4th largest power market in APAC and has committed to net-zero emissions by 2050.
Aquila Capital Asia Pacific chief executive Alexander Lenz said: “We are excited to team up with TopInfra and launch our renewable energy investments in South Korea, a key power market in Asia Pacific.
“We were attracted to TopInfra’s wealth of local experience and believe through combining our complementary capabilities, Aquila Development Partners is well positioned to build on what we have both achieved so far.
“The renewable energy capacity demands in South Korea are expected to double between now and 2050 – to meet this, significant institutional investment is required, and we look forward to exploring the co-development of additional asset classes as the needs evolve.
“It is a pivotal time for sustainable energy and we are ready to help realise the full potential of this in South Korea and across the region at large, as we focus on our mission to broaden our investments here.”
TopInfra chief executive Tristan Jung added: “This partnership with Aquila Capital is testament to the ongoing progress TopInfra continues to make since we developed and constructed our first solar project over 15 years ago.
“Our experience in Korea combined with Aquila Capital’s institutional track record will position ADP as a key player for the energy transition in Korea.
“Alignment is a key success factor in any partnership and environmental sustainability is a core value driver which we both embrace wholeheartedly.”