Equis Partners With SeAH Besteel Holdings for an Offtake Agreement on Korean Solar Project

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The 21MW Jara 3 solar power plant (the “Project”) is a greenfield solar farm located in Sinan Municipality, South Jeolla Province and is expected to commence operations in late 2023. The Project is the latest expansion to Equis’ Jara portfolio of solar generation, battery storage, and transmission assets first commissioned in December 2020, but the first with a corporate offtaker for its RECs. Jara 1 and Jara 2 have executed offtake agreements with Korea East-West Power Co., Ltd. (“KEWP”) and Korea Southern Power Co. Ltd. (“KOSPO”), respectively.

In 2021, the Korean government introduced a new legislation to enable renewable energy generators to contract directly with corporate users in the context of the global RE100 initiative. There are currently twenty-six (26) Korean corporates that have joined RE100 and the aggregate demand for renewable energy by 2050 is expected to exceed 60TWh.  

Equis Managing Director Sung Woo Yang, stated, “This MOU represents Equis' first step into the burgeoning Korean corporate offtake market. We're seeing tremendous demand across the private sector for the supply of renewable energy and we expect a large portion of our 400MW of immediate development capacity to be contracted with corporate customers over the next 12 months. The Equis team and generation portfolio is well placed in Korea to play a major role in the market transition while assisting our corporate partners in achieving their sustainability and de-carbonization targets.”