Aquila Capital and TopInfra, a renewable energy asset development business, have formed a joint venture in South Korea to develop and build solar, wind, and BESS projects.
TopInfra’s extensive local experience in the renewable energy market will be combined with Aquila Capital’s international expertise in investing in, developing, building, and running renewable energy assets, according to the partners.
This is a major milestone for Aquila Capital since it opened its Asia Pacific regional hub in Singapore in 2020, and it demonstrates the firm’s commitment to expanding its business in the area. There are 430MW of solar PV and 1000MW of wind power in the JV pipeline, both of which are at varying phases of construction.
South Korea has pledged to achieving net-zero emissions by 2050, making it the fourth largest power market in APAC.
Alexander Lenz, CEO of Aquila Capital Asia Pacific, 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.”
Tristan Jung, the CEO of TopInfra, said “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.”
