Actis has made its first renewables 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.
The firm committed to invest up to $100 million in Argo Energy, a South Korean renewable-energy platform focused on the development of small utility-scale and rooftop solar. Actis will own 100 percent of the platform, targeting a contracted portfolio of more than 400 megawatts during the next few years. Financial terms of the transaction were not disclosed.
Argo Energy now has 110 megawatts of solar projects in operation or in advanced development.
South Korea is the eighth-largest energy consumer globally. Last year, the government set new targets to drive the renewables industry, targeting a cumulative 72.7 gigawatts of renewables capacity by 2030 and 108.3 gigawatts by 2036, from 24.9 gigawatts in 2021.
As part of this drive, the government has introduced direct po