This article was published on July 14, 2025, at 4:02 p.m. on the ChosunBiz MoneyMove site.
The sale of DL Energy, valued at 1 trillion won, has been indefinitely postponed due to difficulties in fundraising by the selected preferred bidder, IPM Asset Management.
According to investment banking (IB) industry sources on the 15th, the sale of DL Energy has effectively been halted ahead of the signing of the stock purchase agreement (SPA). IPM Asset Management initially planned to sign the SPA in the first half of this year.
DL Energy is a company that is 70% owned by DL (formerly Daelim Industrial) and 30% by Daelim (formerly Daelim Corporation). It specializes in developing global independent power producer (IPP) projects, focusing on investments, development, and operations of power plants domestically and internationally. The company is expanding into renewable energy sectors, including solar, wind, and biomass, as well as traditional thermal power. The sale reportedly excludes the coal power sector and some portions of LNG power generation.
The selected preferred bidder, IPM Asset Management, planned to finance 400 billion won of the 1 trillion won transaction amount through equity, with the remainder to be secured through acquisition financing. They were planning to arrange 340 billion won for the hold company and 200 billion won for the operation company. Woori Bank was earlier designated as the arranger for the acquisition financing.
However, it has been reported that equity financing has not materialized properly, and the contract signing has been indefinitely postponed. EMA Power, which initially planned to invest 100 billion won as a subordinate investment, has also decided to withdraw.
EMA Power is a joint venture established by DL Energy and Bahrain-based Asma Capital, acquiring and developing conventional and renewable energy power assets in the Middle East, South Asia, and Africa. The investment from EMA Power was expected to be classified as a lending to the seller.
Industry sources point out that DL initially chose the wrong preferred bidder. This deal is being directly managed by the DL Group without the involvement of a separate advisory firm. An IB industry source noted, “Selling a company valued at 1 trillion won is a huge deal, and choosing an asset management firm without a blind fund was already a risky move,” adding, “It would be best to change the preferred bidder now and restart the deal from the beginning.”
IPM Asset Management is the Korean subsidiary of the global infrastructure investment specialist Infra Partners Management (IPM) Group. It invests in alternative investment assets and related corporations both domestically and internationally, focusing on renewable energy, environmental businesses, and public infrastructure.