KKR & Lantern face dispute over TACE solar project in South Korea

KKR & Co. Inc., a global investment firm based in New York City, and Lantern A&I are in a management dispute with TACE shareholders. In 2021, both firms agreed to acquire TACE for KRW 10 billion ($7.3 million) and invested KRW 190 billion ($140.2 million) through bonds and notes. TACE operates South Korea’s largest solar plant, located on 6.15 million square meters of abandoned salt farms and ranch land on Anmyeondo island. The plant began commercial operations in September 2023. South Korean law blocks ownership changes before operations start. The process was delayed further due to an embezzlement case involving Lantern’s former CEO. Authorities later approved only KKR’s conversion of bonds to shares. Shareholders are now seeking a KRW 500 billion (~$369.18 million) refinancing deal to repay bonds and remove both firms. Disputes and refinancing risks remain unresolved.