Glennmont Partners and SK D&D have signed a shareholders agreement to establish a joint venture to co-invest in solar projects in South Korea. The new agreement follows the previous MoU agreement from June this year, for co-investment in the solar 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”. The signing ceremony was held at SK D&D headquarters (Pangyo ECO Hub) with Hae-zoong Kim, head of SK D&D Energy Solutions division, and Fabian D’Avola, Head of Investment Glennmont Asia Pacific, in attendance. In accordance with the 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 €115m. As part of the agreement, SK D&D will originate, operate and dispatch the electricity the portfolio.
Glennmont has managed assets of more than €3bn and will own the investment as part of its focus on the energy transition in Europe, Asia and USA. Francesco Cacciabue CFO and Founding Partner at Glennmont Partners, said: “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. “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.”
Credits: renews.biz [Image: Unsplash/APPA]