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Equis buys South Korean solar, battery storage project; eyes US$2b in investments
RENEWABLE energy and waste infrastructure developer Equis Development has paid an undisclosed amount to acquire a hybrid solar project in South Korea comprising a 22MW (megawatts) solar generation component and a 70MWh (megawatt hours) battery storage system.
Including the undisclosed acquisition cost, Equis Development will pay about US$50 million to complete the project, the Singapore-based company told The Business Times.
Separately, Equis Development on Monday also said it expects to invest up to US$2 billion over the next three years in South Korea.
Construction for the hybrid solar project, named Jara 1 Solar Project, will commence in April and operations are forecast to start in September 2020. It is located in Sinan municipality, South Jeolla province, and will generate more than 200 jobs, the company said.
Equis Development has partnered the municipality to establish a fund through which the local community will invest in the project. This will enable residents to benefit from the project's long-term stable income stream, the company added.
David Russell, Equis Development's managing director, said Jara represents a pivot by the firm into more integrated renewable energy opportunities within the Asia-Pacific region.