Glennmont enters S Korean solar investment JV with SK D&D

UK fund manager and clean infrastructure investor Glennmont Partners and South Korean real estate group SK D&D Ltd (KRX:210980) will jointly invest in solar projects in South Korea, starting with an initial scheme of 80 MW.

London-based Glennmont, which is part of US-based asset management company Nuveen, said on Tuesday that the schemes will be executed through a newly set up joint venture (JV) with its South Korean partner. The deal follows a memorandum of understanding (MoU) signed in June.

SK D&D’s role in the partnership will be to operate and maintain the solar PV parks and market their future electricity output. Glennmont, meanwhile, will take care of raising project financing and bringing potential investors.

As a start, the JV partners will pour KRW 160 billion (USD 121.6m/EUR 117.4m) to acquire, build and operate 80 MW of photovoltaic (PV) plants.

“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,” said Francesco Cacciabue, CFO and founding partner at Glennmont.

(KRW 1,000 = USD 0.760/EUR 0.734)

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