Infrastructure investment firm Nuveen Infrastructure has secured US$171 million in financing for a 137MW solar PV plant in South Korea.
According to the company, the Shinan Salt Farm Solar PV project is the largest solar salt farm in the country and is a joint investment between South Korean energy company SK Innovation E&S and Nuveen.
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Located in the southern province of South Jeolla, the project has already secured a power purchase agreement (PPA) with an SK affiliate for the entirety of the project’s power generation.
This is not the first time both companies (or their affiliates) have partnered in the development of solar PV projects in the country. Back in 2022, Nuveen—previously known as Glenmont Partners—established a joint venture with SK D&D to invest in solar PV in South Korea, starting with the construction of an 80MW PV plant.
South Korean bank KB Kookmin Bank served as the lead arranger of the project’s financing and included a consortium of five undisclosed financial institutions.
“This project exemplifies our commitment to identifying and financing transformative infrastructure investments that drive the clean energy transition,” said Joost Bergsma, global head of clean energy at Nuveen Infrastructure.
“The project not only advances South Korea’s renewable energy goals but also showcases innovative approaches to sustainable land use,” added Bergsma.
At the end of 2024, SK Innovation E&S had a solar PV portfolio of projects operational or under development with a combined capacity of 3.2GW.
Metlen sells 42MW solar PV portfolio to HRE
In related South Korean news, Greek developer Metlen has sold a 42MW solar PV portfolio to South Korean energy investment and development company HRE.
The transaction between the two companies includes a portfolio of five PV projects, operational and under development. The operational projects have long-term PPA with undisclosed Korean conglomerates.
Both companies are also exploring broadening their partnership for Metlen’s South Korean project pipeline, which includes utility-scale solar, battery energy storage systems (BESS) and clean energy-powered data centres.
