South-Korean renewable energy developer SK D&D has joined hands with Glennmont Partners to invest in solar PV projects in South Korea.
The duo has signed a shareholder agreement to establish a joint venture.
It has been informed that the first phase plans to build 80MW of PV projects. The projects are likely to need an investment of around US$119 million.
According to the companies, Glennmont will finance potential investors for the projects, whilst SK D&D will develop, operate and maintain the solar projects.
Francesco Cacciabue, CFO and founding partner at Glennmont Partners commented, “This contract with SK D&D is a significant milestone for Glennmont to enter the Korean solar market. 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 decarbonise their investment portfolios.”
The latest development comes following the partnership of EDPR Sunseap with a Korean state-utility to jointly develop renewable energy projects.
The duo is focused for projects across the country and the Asia-Pacific region.