Equis Development, one of Asia’s top renewable energy and waste infrastructure developer, has acquired South Korean hybrid solar and battery storage project, the Jara 1 Solar Project, located in Sinan Municipality, South Jeolla Province.
Financial details of the acquisition were not disclosed, but Equis said Jara comprises a $50-million 22-megawatt solar generation project and a 700MWh battery storage system. The company is also expected to invest up to $2 billion over the next three years in South Korea.
Construction is expected to start in April and operations are forecast to commence in September 2020. Jara will generate over 200 new jobs, providing stable employment opportunities for the local community.
Equis, in partnership with the Sinan Municipality, is also establishing a fund through which the local community will invest into the project, enabling residents to benefit from Jara’s long-term stable income stream.
“We have already commenced expanding Jara to a US$250 million 80MW solar generation project integrating a 260MWh battery storage system and new 400MW substation to connect our additional 300MW development pipeline in the region,” said Equis Managing Director Sung Woo Yang.
The company is a renewable energy and waste infrastructure developer operating in Australia, Korea, Japan, Singapore, and Taiwan. It has developed over 200 renewable energy and waste infrastructure projects across the Asia-Pacific region and is currently completing the development and construction of active projects.
The Jara project is the 19th project secured and financed following the restructure of Equis. This restructuring was undertaken after the sale of Equis Energy to Global Infrastructure Partners (GIP) in January 2018.
The business has restructured its entire asset and capital management model and has brought together partners and staff – across development, investment, and operations – under a single corporate entity.
“Jara represents a pivot by Equis into more integrated renewable energy opportunities within the Asia-Pacific region. Whilst continuing to develop standalone solar and wind generation in our target markets of Japan, Korea, Australia, and Taiwan, Equis is leading the industry in developing base-load renewable energy solutions,” said Equis Managing Director David Russell.