Glennmont eyes EUR150m Korean solar opportunity
- Investor indications MoU with renewables programmer SK D&D to 'accelerate capital implementation' in PV projects
Glennmont has signed a co-investment memorandum of understanding with SK D&D in regard to investment opportunities in solar projects in South Korea worth approximately EUR150m.
SK D&D, among the leading South Korean renewable resource programmers, will certainly be in charge of sourcing, project monitoring and also procedure of solar PV power projects, while Glennmont will play the role of increasing debt funding and also marketing projects to finish customers.
The MoU will certainly allow the two business to accelerate the capital release of approximately EUR150m into solar PV projects.
In addition, SK D&D will get in the power trading company full range in earnest, and will benefit from the data generated by the assets to be gotten from the possible co-investments.
Glennmont CEO Joost Bergsma stated: "We are delighted to authorize this MoU with SK D&D that will certainly see us get in the South Korean renewables market.
" This is a landmark contract for Glennmont as we seek to expand our operations in Asia and develop long-term partnerships with crucial companions that we can deal with on multiple projects.
" As we continue to broaden into brand-new geographies this will certainly be a core part of our strategy to provide value for investors as well as accelerate the energy shift."
Harrison Kim, the head of the power solution organization division of SK D&D, claimed: "The electricity trading organization calls for having solar PV assets, and also we began to discuss co-investment opportunities with among the leading renewable resource funds, Glennmont Partners from Nuveen.
" SK D&D will develop a Virtual Power Plant Platform by acquiring a large number of power generation assets, forecasting return, as well as using Digital O&M options."