- Press Releases
November 5 (Renewables Now) - KKR & Co Inc (NYSE:KKR) has made a KRW-2.4-trillion (USD 2.02bn/EUR 1.75bn) investment in SK E&S which the member of South Korean conglomerate SK Group will use as it grows and transitions into a clean energy solution provider.
The global investment company has spent the aforementioned sum on SK E&S’ newly issued redeemable convertible preferred shares. The move provides it with the opportunity to receive cash or in-kind redemption as an option for repayment in the future. There also is the possibility of converting into common shares of SK E&S.
The investment was made from KKR’s Asia Pacific Infrastructure Fund, it noted.
SK E&S is active in the development of overseas gas fields and in the distribution of natural gas to customers in cities and rural areas across eight regions in South Korea, but also develops renewable energy and hydrogen projects. At present, the company has around 2.5 GW of renewables in development.
Last month, SK E&S agreed to invest up to USD 400 million (EUR 346.5m) in REV Renewables LLC, a unit of LS Power that acquires, develops and operates renewable energy and battery storage assets. The Seoul-based firm’s portfolio of large-scale investments also includes US-based turnkey hydrogen solutions provider Plug Power Inc (NASDAQ:PLUG) and energy storage company Key Capture Energy LLC.
(KRW 1,000 = USD 0.843/EUR 0.730)
(USD 1.0 = EUR 0.866)