South Korea-based renewable energy SK D&D has signed shareholders agreement with Glennmont Partners from Nuveen (Glennmont), one of the world’s largest fund managers investing in clean energy based in the United Kingdom, to establish a joint venture company for the co-investment of solar photovoltaics (PV) projects in South Korea. 

The new agreement follows the previous memorandum of understanding (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, both parties said in a statement.

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 ($120 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 United States.

Glennmont Partners Chief Financial Officer and Founding Partner Francesco Cacciabue said this contract with SK D&D is a significant milestone for Glennmont to enter the Korean solar market.

He said the firm will continue to invest in the Asia Pacific with a concentration on the Korean renewable energy market as it looks 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,” he added

SK D&D Energy Solutions Division Head Hae-zoong Kim said by establishing a platform with Glennmont, a global top-tier renewable energy investment company, the firm has 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, he added.

Solar AI Technologies launches Singapore’s first ever rent-to-own solar program