SK D&D, Glennmont sign US$160m MOU for solar PV in South Korea

The co-investment memorandum of understanding between both companies will have a capital deployment of US$158 million. Image: Daniel Bernard on Unsplash.

South Korean developer SK D&D has signed a co-investment memorandum of understanding (MOU) with renewable energy investment fund manager Glennmont Partners to target opportunities in solar PV projects in South Korea.

With a capital deployment of nearly €150 million (US$158 million), the South Korean developer will source and operate the solar PV projects while the investment firm will be responsible for raising debt funding and finding end buyers for the projects.

The agreement will allow Glennmont to enter the South Korean market as well continue the expansion of its operations in Asia, said Joost Bergsma, Glennmont’s CEO and managing partner.

Harrison Kim, head of the energy solution business division at SK D&D, said: “The electricity trading business requires having solar PV assets, and we started to discuss co-investment opportunities with one of the leading renewable energy funds, Glennmont Partners from Nuveen. SK D&D will establish a virtual power plant platform by acquiring a large number of power generation assets, forecasting yield, and utilising digital O&M solutions”.

Earlier this year, BNZ, a newly launched independent power producer from Glennmont, announced the development of a solar PV portfolio in Spain with an initial capacity of 473MWp.

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