Glennmont has signed a co-investment memorandum of understanding with SK D&D in relation to investment opportunities in solar projects in South Korea worth approximately €150m.
SK D&D, one of the leading South Korean renewable energy developers, will be responsible for sourcing, project management and operation of solar PV power projects, while Glennmont will play the role of raising debt financing and selling projects to end buyers.
The MoU will enable the two companies to accelerate the capital deployment of approximately €150m into solar PV projects.
In addition, SK D&D will enter the electricity trading business full scale in earnest, and will benefit from the data generated by the assets to be acquired from the potential co-investments.
Glennmont CEO Joost Bergsma said: “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.
“As we continue to expand into new geographies this will be a core part of our strategy to deliver value for investors and accelerate the energy transition.”
Harrison Kim, the head of the energy solution business division of SK D&D, said: “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.
“SK D&D will establish a Virtual Power Plant Platform by acquiring a large number of power generation assets, forecasting yield, and utilizing Digital O&M solutions.”