Glennmont, SK D&D to set up South Korea solar player

Nov 29, 2022 04:27 PM ET
  • Agreement complies with MoU from June this year as well as is targeting co-investment in 80MW of projects
Glennmont, SK D&D to set up South Korea solar player
Image: Unsplash/APPA

Glennmont Partners and SK D&D have authorized a shareholders agreement to develop a joint venture to co-invest in solar projects in South Korea.

The new agreement adheres to the previous MoU agreement from June this year, for co-investment in the solar projects, as well as builds on the "existing synergy in between SK D&D as well as Glennmont to accelerate the deployment of capital in renewable energy by getting solar PV projects".

The finalizing ceremony was held at SK D&D headquarters (Pangyo ECO Hub) with Hae-zoong Kim, head of SK D&D Energy Solutions division, and also Fabian D'Avola, Head of Investment Glennmont Asia Pacific, in attendance.

Based on the agreement, the two firms will certainly develop a joint venture as a monetary platform, and as the primary step, they intend to get, construct as well as operate 80MW of solar PV projects, approximately valued at EUR115m.

As part of the agreement, SK D&D will come from, operate and dispatch the electrical energy the portfolio.

Glennmont has actually handled properties of more than EUR3bn and also will have the investment as part of its focus on the energy transition in Europe, Asia and USA.

Francesco Cacciabue CFO as well as Founding Partner at Glennmont Partners, said: "This contract with SK D&D is a significant milestone for Glennmont to go into the Korean solar market.

" We will certainly continue to invest in the Asia Pacific with a focus on the Korean renewable resource market as we seek to widen opportunities for financiers to accelerate the energy transition and decarbonise their investment portfolios.

" All At Once, SK D&D, a leading renewable resource business concentrated on solar PV, onshore wind as well as storage space, is pursuing lasting monitoring techniques that will certainly allow it to benefit from development and integration of different green energy areas such as green electrical power trading, hydrogen fuel cell, as well as offshore wind power."

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