Nuveen-owned infrastructure manager Glennmont Partners has finalised a partnership agreement with SK D&D to invest in solar projects in South Korea.
Back in June, Glennmont and South Korean renewable energy developer SK D&D signed a co-investment memorandum of understanding with a plan to invest in solar photovoltaic projects.
The companies said they have now signed an agreement to establish a joint venture to invest in solar projects.
Glennmont and SK D&D said they will set up the venture as a financial platform, and as the first step, they plan to acquire, build and operate 80MW of solar photovoltaic projects, worth KRW160bn (€115m).
Under the agreement, SK D&D will originate, operate and dispatch the electricity to the portfolio. Glennmont will own the investment as part of its focus on the energy transition in Europe, Asia and the US.
Francesco Cacciabue CFO and founding partner at Glennmont Partners, said: “This contract with SK D&D is a significant milestone for Glennmont to enter the Korean solar market. We will continue to invest in the Asia Pacific with a concentration on the Korean renewable energy market as we look to broaden opportunities for investors to accelerate the energy transition and decarbonise their investment portfolios.
“Simultaneously, SK D&D, a leading renewable energy company focused on solar PV, onshore wind and storage, is pursuing sustainable management practices that will allow it to benefit from expansion and integration of different green energy areas such as green electricity trading, hydrogen fuel cell, and offshore wind power.”
Hae-zoong Kim, head of SK D&D energy solutions division, said: “By establishing a platform with Glennmont, a global top-tier renewable energy investment company, we have secured the proceeds for the acquisition of the solar power plants. We will further strengthen our capabilities to promote the electricity trading brokerage business in earnest.”
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