SK D&D has entered into a partnership with Glennmont for investment opportunities in solar projects in South Korea.
The duo has already signed a co-investment memorandum of understanding for the same. It has been reported that the partnership is worth approximately €150 million.
It has been reported that the agreement will enable the duo to accelerate the capital deployment into solar PV projects.
SK D&D is one of the leading renewable energy developers in South Korea. The company will be "responsible for sourcing, project management and operation of solar PV power projects," a local report mentioned. Meanwhile, Glennmont will undertake the responsibility of raising debt financing and selling projects to end buyers.
Harrison Kim, the head of the energy solution business division of SK D&D, was quoted, “The electricity trading business requires having solar PV assets, and we started to discuss co-investment opportunities with one of the leading renewable energy funds, Glennmont Partners from Nuveen."
The company further stated that it will establish a Virtual Power Plant Platform.
On the other side, Glennmont CEO Joost Bergsma commented, “We are delighted to sign this MoU with SK D&D that will see us enter the South Korean renewables market. This is a landmark agreement for Glennmont as we look to grow our operations in Asia and establish long-term relationships with key partners that we can work with on multiple projects.