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Nuveen Infrastructure and SK eternix sign PPA with Hyundai E&C for South Korean Solar PV Projects


The agreement means the joint venture will sell to Hyundai all the Renewable Energy Certificates (RECs) generated by the electricity production of all the solar PV projects once they become operational.

This agreement with Hyundai E&C is carried out through a VPPA (Virtual Power Purchase Agreement). VPPA is a method of settling the difference between the market power wholesale price and the fixed contract price entered into by power generation companies and consumers. It not only enables the RE100 implementation, but also allows power generation companies and consumers to generate stable profits and to secure renewable electricity respectively.

Under the terms of the contract, the period of sale for the RECs will run for 25 years or the final date that the projects produce electricity.

It is expected the PPA will mark the beginning of a wider future cooperation between the joint venture and Hyundai E&C as the clean electricity trading company of Hyundai Motor Group.

For Hyundai E&C, the deal is also another step towards their targets under the RE100 initiative – a global corporate clean energy initiative committing its members to achieve 100% renewable electricity.

Francesco Cacciabue, Global Head of Clean Energy Investments at Nuveen Infrastructure, commented:

“We are pleased to announce this most recent success of Nuveen Infrastructure and eternix’s JV. The PPA structure signed with Hyundai is an innovative agreement for the Korean market and one which secures absolute returns from our investment so far.”

“Nuveen Infrastructure is committed to driving South Korea’s clean energy transition and look forward to continuing our work with partners such as SK eternix and Hyundai on future projects in the renewables space.”

Mr. Sei IK Lee, Head of RE100 Team, added:

“It is our great pleasure to have the PPA Contract with Nuveen Infrastructure and SK eternix’s JV, which will bring the innovation to Korean Renewable energy market. Through this contract, we are also looking forward to further strengthened collaboration between both companies.”

The Joint Venture between Nuveen Infrastructure and SK eternix was signed in late 2022 with a view to acquire, build and operate 80MW of solar PV projects. As part of the agreement, SK eternix owns a minority interest in the JV, while Nuveen Infrastructure owns a majority stake.

Mr. Hae zoong Kim, CEO of SK eternix, said:

"This RE 100 contract is significant in that not only allow us to provide stable supplies of green electricity to Hyundai while generating profits as a power generation company and while implementing RE100, but also contributes to domestic companies' carbon neutral efforts." He added, "We will continue to secure clean power generation assets and strengthen our power brokerage business capabilities through technology-based O&M advancement.”

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