South Korean renewable energy developer SK D&D has signed a co-investment agreement with Glennmont Partners from Nuveen, targeting €150 million ($158 million) of investment opportunities in solar photovoltaic projects in South Korea.
SK D&D will be responsible for sourcing, project management and operation of solar PV power projects, while Glennmont will raise debt financing and sell projects to end buyers. In addition, SK D&D will enter the electricity-trading business and will benefit from the data generated by the assets to be acquired from the potential co-investments.
“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,” said Harrison Kim, head of the Energy Solution Business division of SK D&D. “SK D&D will establish a virtual power plant platform by acquiring a large number of power genera