South Korea-based renewable energy developer SK D&D has signed a memorandum of understanding (MoU) with energy fund manager Glennmont Partners to invest in solar photovoltaic (PV) projects in South Korea. Under the terms of the MoU, the two companies will make a capital investment of around KRW200bn ($153m) in the projects.

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 utilising digital operations and maintenance (O&M) solutions. SK D&D will be involved in sourcing, project managing and operating the solar facilities, while Glennmont will be responsible for raising debt financing and selling the projects to end buyers.