Aquila form Korean JV with big plans for wind, solar and storage
Wind farm in South Korea. Author: travel oriented. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
April 6 (Renewables Now) - Aquila Capital has formed a joint venture to develop and build hundreds of megawatts of wind, solar and energy storage capacity in South Korea, the Hamburg-based investment manager said today.
It will partner with Korean renewables development firm TopInfra which brings significant local experience. It developed and constructed its first solar project over 15 years ago.
The joint company, Aquila Development Partners, has 1 GW of wind and 430 MW of solar projects in the pipeline at various stages of development. The JV is expected to further expand this in support of South Korea’s net-zero emissions goal by 2050.
"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," commented Alexander Lenz, chief executive of Aquila Capital Asia Pacific.
Specific details on the ownership structure were not revealed.