SK D&D, Glennmont sign US$ 160m MOU for solar PV in South Korea
- South Korean developer SK D&D has actually signed a co-investment memorandum of understanding (MOU) with renewable resource mutual fund manager Glennmont Partners to target opportunities in solar PV projects in South Korea.
With a capital implementation of almost EUR150 million (US$ 158 million), the South Korean developer will resource as well as run the solar PV projects while the investment firm will be in charge of raising financial obligation funding as well as searching for end buyers for the projects.
The agreement will certainly enable Glennmont to get in the South Korean market also continue the expansion of its procedures in Asia, claimed Joost Bergsma, Glennmont's chief executive officer as well as handling companion.
Harrison Kim, head of the power service department at SK D&D, said: "The electrical power trading organization requires having solar PV assets, and also we started to talk about co-investment opportunities with among the leading renewable resource funds, Glennmont Partners from Nuveen. SK D&D will certainly establish a digital power plant system by obtaining a lot of power generation assets, forecasting return, as well as using digital O&M solutions".
Earlier this year, BNZ, a newly introduced independent power producer from Glennmont, introduced the advancement of a solar PV portfolio in Spain with a preliminary capacity of 473MWp.