H Energy said on the 13th that it has signed a memorandum of understanding with Peak Energy Korea to jointly develop small-scale rooftop solar projects aimed at helping companies meet RE100 commitments.
Under the agreement, H Energy will secure developable rooftops across the country and build and operate the power plants, while Peak Energy will supply the capital. Peak Energy is a renewable energy independent power producer wholly owned by global investment firm Stonepeak. It currently develops, owns and operates renewable energy assets in Asia, including solar.
H Energy will identify idle rooftops nationwide and secure lease contracts. It will then handle the full life cycle of each plant, including permits, construction, completion inspections and operations and maintenance. Peak Energy will invest the project costs and set up special purpose companies to own the plants.
The partnership combines global investment capital and a development platform with idle rooftops scattered across the country. Large single-site projects allow developers to concentrate development, financing and construction capabilities in one place. Rooftop solar, by contrast, requires identifying and developing a large number of rooftops spread nationwide under the same standards. H Energy is standardizing how rooftop resources are developed and how plant assets are managed, with a strategy of turning the resulting plants into investment targets that global capital can enter.
"This partnership brings global capital into the rooftop solar market," H Energy CEO Ham Il-han said. "By combining Peak Energy's financial strength and its capabilities in operating renewable energy assets, we will turn rooftops scattered across the country into power generation assets that companies can use to meet their RE100 targets."