South Korea’s Hanwha Investment & Securities Co. said Wednesday that it packaged 150 million euros ($173.6 million) financing for Britain’s ContourGlobal to back its 860-million-euro acquisition of five solar power plants from Spanish energy company Acciona.

Hanwha joined the syndicate in the financing lead-managed by Goldman Sachs.

The securities firm provided the investment after acquiring debts worth 150 million euros from a fund run by Hanwha Asset Management and reselling them to local institutional investors.

The investment would offer stable returns as five solar power plants with combined electricity capacity of 250 Megawatts are backed by the Spanish government for 20 years, according to Hanwha Investment.

“We need to provide various alternative investment products to meet the needs of domestic institutional investors amid rising demand for stable assets ahead of the introduction of IFRS17 accounting standards,” said an official from the company. “We will continue to look for sound investments in the U.S., U.K. and European Union markets as local institutional investors prefer to invest in the region.”

By Cho Hee-young and Choi Mira

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