South-Korean renewable energy developer SK D&D has signed a shareholders agreement with Glennmont Partners to establish a joint venture (JV) investing in solar PV projects in South Korea.
The first phase of the JV will intend to build 80MW of PV projects in South Korea, estimated to require around KRW160 billion (US$119 million).
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Glennmont, a UK-based global fund manager owned by Nuveen, will finance and source potential investors for the projects, whilst SK D&D will develop, operate and maintain the solar projects themselves, as well as brokering any offload deals.
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.”
In September, EDPR Sunseap signed an MOU with a Korean state-owned utility to jointly develop renewable energy projects across the country and the wider Asia-Pacific region.
July saw the newly elected South Korean government change its renewable energy targets to include more nuclear power and “realistically adjust” the percentage of renewables in its national capacity.