[Courtesy of Actis]

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SEOUL, March 28 (AJU PRESS) - Investment firm Actis announced Thursday it is set to acquire Argo Energy, a South Korean company specializing in solar energy, as part of its initiatives to strengthen renewable energy projects in Asia. Based in London, the company aims to generate solar energy capable of powering over 85,000 households annually in South Korea, the eighth largest energy consumer in the world.

Argo Energy specializes in developing small-sized solar panels and rooftop solar panels. With an investment of up to $100 million, Actis intends to produce 400-megawatt-class solar power. The global investor said that Argo Energy is currently operating or developing solar energy platforms with a total capacity of 110 megawatts.

Actis said that the company will fully own Argo Energy. The investment marks its first foray into South Korea's energy sector. "It's an exciting time to be investing in Korean renewables," Actis' spokesperson Asanka Rodrigo said in a statement. He added: "Korea is an energy-intensive industrialized economy and needs to ramp up its renewable power generation to meet its target to get to net zero by 2050."

Actis' acquisition of Argo Energy aligns with its strategy to invest in renewable energy platforms across Asia. In 2022, the company invested in India’s BluPine Energy and Levanta Renewables in Viet Nam. Actis also established clean energy firm Nozomi Energy in Japan last year.

In 2023, South Korea's industry ministry unveiled its plan to increase the capacity of new renewable energy facilities to 72.7 gigawatts by 2030 and to 108.3 gigawatts by 2036.
Kim Joo-heon Reporter jhkim123@ajunews.com

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