ESR Group, APAC’s largest real asset manager powered by the “new economy,” has announced that its subsidiary, Korea Logistics Renewable Energy (KLRE), has entered the renewable-energy market in South Korea with its first solar project.
KLRE is a dedicated entity with a focus on renewable energy installation and generation in South Korea. Having secured a loan agreement of approximately KRW 14.7 billion ($11 million) with the Korea Development Bank (KDB) for its maiden project, KLRE will develop and operate a network of rooftop solar panels on seven logistics assets owned by ESR Kendall Square REIT, Korea’s first and largest pure-play logistics REIT.
The assets under this project include Yongin Logistics Park 1, Icheon Logistics Park 5, Anseong Logistics Park 1, Anseong Logistics Park 2, Anseong Logistics Park 3, Anseong Logistics Park 4 and Gimhae Logistics Park 2.
Expected to be fully operational by mid-2024, the solar panels total approximately 13 mega