Tuesday 29th November 2022 – SK D&D has announced the signing of a shareholders agreement with Glennmont Partners from Nuveen (“Glennmont”), one of the world’s largest fund managers investing in clean energy based in the UK, to establish a JV Co for the co-investment of solar PV projects in South Korea.
The new agreement follows the previous MoU agreement from June this year, for co-investment in the solar PV projects, and builds on the existing synergy between SK D&D and Glennmont to accelerate the deployment of capital in renewable energy by acquiring solar PV projects.
The signing ceremony was held at SK D&D headquarters (Pangyo ECO Hub) on with key officials in attendance, including Hae-zoong Kim, head of SK D&D Energy Solutions division, and Fabian D’Avola, Head of Investment Glennmont Asia Pacific.
In accordance with this agreement, the two companies will establish a joint venture as a financial platform, and as the first step, they plan to acquire, build and operate 80MW of solar PV projects, approximately valued at 160 billion Korean Won (€115 million).
As part of the agreement, SK D&D will originate, operate and dispatch the electricity the portfolio – based on its capabilities as one of the best renewable energy developers in South Korea. Glennmont is a clean energy infrastructure fund manager that since 2007 has managed assets of more than €3 billion and will own the investment as part of its focus on the energy transition in Europe, Asia and USA.
Francesco Cacciabue CFO and Founding Partner at Glennmont Partners, added:
“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 decarbonize 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.”