Actis, a global investor in sustainable infrastructure, has completed its investment into Argo Energy, a South Korean renewable energy platform focused on the development of small utility scale and rooftop solar.
Actis has committed to invest up to circa US$100 million and will own 100% of the platform, targeting a contracted portfolio of over 400MW over the next few years. Argo Energy currently has 110MW of solar projects already in operation or in advanced development. The investment represents Actis’ first energy investment in South Korea as part of its Asia climate strategy, which aims to accelerate the climate transition and reduce carbon emissions in the region.
Actis’ entry into the South Korean energy market aims to support the country’s acceleration of renewables deployment as part of the energy transition. South Korea is the eighth largest energy consumer globally[i] and last year the government set new targets to drive the renewables industry, targeting a cumulative 72.7GW renewables capacity by 2030 and 108.3GW by 2036, from 24.9GW in 2021[ii]. As part of this drive, the government has introduced direct power purchase agreements (PPAs) and is encouraging corporate PPAs. Additional supportive policies are also being put in place to address issues such as land and grid connection for larger projects.
You can now read the full press release at the link below
