News - Peak Energy Launches Joint Venture to Strengthen Competitiveness and Support Decarbonization of Korea's Automotive OEM Supply Chain

Peak Energy Formally Begins Solar Development Business Targeting the group OEM Supply Chain in Korea, aiming to deploy 100MW of Solar Within the Next Two Years

Seoul, South Korea – 14 October 2026 – Peak Energy and the Vencore Rooftop Equity Fund (Hyundai Motor Securities) today announced the launch of a joint venture (JV) to expand renewable energy solutions for the group automotive supply chain in Korea. The joint venture will help domestic OEM suppliers gain greater long-term visibility into power costs, reduce exposure to electricity price volatility, strengthen manufacturing competitiveness, and advance the decarbonization of the supply chain.

The launch of the JV comes at a time of rising uncertainty in export markets, growing global trade risk, and mounting margin pressure, underscoring the importance of strengthening the competitiveness and resilience of the OEM supply chain. As solar increasingly stands out as one of the most cost-competitive sources of power, long-term renewable energy supply is emerging as a direct lever for competitiveness among manufacturers with large, continuous power demand.

The joint venture will focus on energy-intensive suppliers in the OEM supply chain, who are major contributors to Hyundai’s Scope 3 emissions, and help them decarbonize, whilst improving their operating margins and stabilizing their future power costs.

At launch, the joint venture has already secured five projects with major Tier-1 suppliers to Hyundai Motor, establishing a solid operational foundation from day one. These projects target Tier-1 suppliers producing key components for domestic OEMs and are structured to deliver competitive power pricing. This also marks the starting point for a much larger potential rollout across several hundred supplier sites nationwide, with a long-term potential of 100 MW of industrial rooftop solar capacity, equivalent to approximately 55,000 tons of CO₂ emissions avoided each year, or more than 1 million tons over the lifetime of the assets.

Peak Energy holds more than 300MW of operating assets across Asia-Pacific, of which over 200MW is operating or soon to be operating in Korea. Backed by Stonepeak, the world’s largest independent infrastructure investment firm, Peak Energy brings together local development and execution capability, long-term financial stability, commercial structuring experience, and a track record of delivering long-term PPA-based industrial renewable energy projects.

Gavin Adda, CEO of Peak Energy, commented:

"Industrial competitiveness is now increasingly tied to the price of electricity. Hyundai Motor Securities recognized this early and moved quickly.
This joint venture offers Korea's OEM suppliers a clear path to gaining long-term visibility into power costs through solar PPAs, while advancing the decarbonization of the supply chain.
The fact that five projects are already set to be signed shows that this model is moving into concrete execution on the ground.
For Peak Energy, this partnership is both a strong vote of confidence from a world-class industrial supply chain and recognition of the track record we've built across Korea and Asia."

A representative from Hyundai Motor Securities' Infrastructure Investment Division stated:
"This collaboration marks an important first step toward supporting the automotive supply chain’s practical transition to renewable energy. Through our joint venture with Peak Energy, Hyundai Motor Securities plans to combine competitive financing structures with strong project execution capabilities, enabling domestic suppliers to adopt solar PPAs in a reliable and sustainable manner. We will continue to expand the initiative, contributing to carbon emissions reductions across the supply chain and supporting its long-term sustainable growth."

About the Joint Venture

The HMS-Peak Energy joint venture is a platform established in Korea to develop, finance, construct, and operate renewable energy projects for the group domestic OEM suppliers. It aims to secure 100MW within the next two years, and through power purchase agreements will support the multi-layered decarbonization strategy and industrial competitiveness of the group Korea's OEM supply chain, while contributing to improved long-term visibility into power costs.

For more information: www.hms-peakenergy.com/en/

About Peak Energy

Headquartered in Singapore, Peak Energy develops, owns, and operates renewable assets across Asia Pacific (APAC). With over 300 MW of operating assets and 2 GW worth of projects in development, Peak Energy is the fastest growing renewable energy developer with a portfolio spanning Japan, Korea, Australia, Taiwan, the Philippines, Thailand, Singapore and Indonesia. With activities encompassing the full range of renewable energy business models - including utility-scale development, off-site PPAs, onsite PPAs, and energy storage applications - Peak Energy is a one-stop partner for corporates seeking to decarbonize their operations in APAC. We believe in establishing long-term partnerships with our corporate customers, to accompany them in their decarbonization journey, through cleaner, cheaper energy.   

An experienced team handles the complete life cycle of our energy assets from origination and development through to operations and decommissioning, employing state-of-the art technology and the industry best practices, respectful of the environment and following world-class HSE standards.  

Our business practices, technological and HSE standards are standardized across APAC, but we are implemented and operate locally, with teams in seven countries, and lasting partnerships with local customers, EPCs, vendors, channel partners.  

Peak Energy is wholly owned by Stonepeak, a leading alternative investment firm specializing in infrastructure with approximatively USD 93 billion of assets under management. Our financial and technical strength coupled with our relationships in local markets allows us to optimize our capital deployment in high quality assets.  

For more information, please visit https://www.peakenergy.asia.  

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