Empowering a Green Future: Nuveen-SK Eternix JV Teams Up with Hyundai E&C in a Renewable Energy Milestone
In a groundbreaking move towards sustainability, the joint venture between Nuveen Infrastructure and SK Eternix has forged a powerful partnership with Hyundai Engineer & Construction (Hyundai E&C) for solar projects in South Korea. This collaboration marks a significant step towards cleaner energy practices and a greener future.
The power purchase agreement (PPA) between the JV and Hyundai E&C paves the way for the sale of all Renewable Energy Certificates (RECs) generated by the solar projects to Hyundai. This innovative approach, conducted through a virtual PPA, ensures a sustainable balance between market power prices and fixed contract rates.
With a 25-year sale period or until project completion, this agreement signifies a long-term commitment to renewable energy initiatives. It also aligns with Hyundai E&C’s goals under the RE100 initiative, aiming for 100% renewable electricity.
Francesco Cacciabue, Nuveen Infrastructure’s global head of clean energy investments, expressed enthusiasm for driving South Korea’s clean energy transition. This partnership not only strengthens the JV’s position but also sets the stage for future collaborations in the renewables sector.
The Nuveen-SK Eternix joint venture, established in late 2022, is geared towards developing, constructing, and operating 80MW of solar projects. With SK Eternix’s expertise and Nuveen Infrastructure’s investment prowess, the JV is poised to make a substantial impact in advancing clean energy solutions.
Stay tuned as this dynamic partnership leads the way towards a more sustainable and environmentally-conscious energy landscape in South Korea and beyond! 🌞💚 #RenewableEnergyLeaders #GreenPartnerships #SustainableFuture
Credit: [Image: Unsplash/Gabriel]