This article was published on April 27, 2025, at 11:05 a.m. on the ChosunBiz MoneyMove site.
The sale of DL Energy's management rights is proceeding smoothly. It is effectively nearing completion, with the potential for a stock purchase agreement (SPA) to be signed as early as the first half of this year.
Notably, EMA Power has agreed to invest 100 billion won as a subordinate investor. EMA Power is a joint venture established by DL Energy and Bahrain's asset management company Asma Capital.
According to investment banking (IB) industry sources on the 27th, IPM Asset Management, which was selected as the preferred bidder for the acquisition of DL Energy last year, is accelerating its fundraising efforts.
The transaction amount is approximately 1 trillion won. Of that, 400 billion won will be secured through equity. It is reported that the acquisition financing will be divided between a holding company and an operating company. A special purpose company (SPC) of the holding company will borrow 340 billion won, while the operating company will borrow 200 billion won. Woori Bank is the intermediary for the acquisition financing.
EMA Power will participate as a subordinate equity investor. It is understood that they will contribute 100 billion won of the 400 billion won. EMA Power is a joint venture established between the 'IDB Infrastructure Fund II' managed by Bahrain-based Asma Capital and DL Energy. The company acquires and develops conventional and renewable energy power assets in the Middle East, South Asia, and Africa. EMA Power's investment is classified as a lending to the seller.
An IB industry source noted, 'IPM Asset Management has quietly been proceeding with fundraising since last year, and currently, capital firms are in the stage of reviewing investments.' They added, 'It can be said that we are almost at the final stage.'
In the industry, it is said that the sale of DL Energy is one of the few deals currently ongoing that is 'not dead.' An industry source said, 'Since the end of last year, various items have continued to come on the market, but most cases are quietly withdrawn as the seller and potential buyers find it hard to align expectations, and even when the preferred bidder is selected, there are many cases where deals fall through due to difficulties in fundraising. In contrast, the sale of DL Energy is proceeding well.'
Established in 2013, DL Energy is a company in which DL (formerly Daelim Industrial) and Daelim (formerly Daelim Corporation) hold equity stakes of 70% and 30%, respectively. The company specializes in global Independent Power Producer (IPP) development, focusing on investment, development, and operation of power plants at home and abroad. It is expanding its business into renewable energy sectors such as solar, wind, and biomass, in addition to traditional thermal power generation. It is reported that the coal power sector and some LNG power sectors are excluded from this sale.
IPM Asset Management is the Korean subsidiary of the global infrastructure investment group Infrastructure Partners Management (IPM). It was established in 2018 and has bases in London, San Francisco, and Hong Kong, investing in domestic and foreign alternative investment assets and related companies in renewable energy, environmental business, and public infrastructure.