SK E&S Co Ltd, part of South Korean industrial conglomerate SK Group, has agreed to invest up to USD 400 million (EUR 345m) in REV Renewables LLC, a unit of LS Power that acquires, develops and operates renewable energy and battery storage assets.
The Seoul-based investor will pour between USD 300 million and USD 400 million into REV, which was created by LS Power in August 2021 to house the storage and renewable assets of the parent company. REV launched with a 2,400-MW portfolio that includes 290 MW of battery storage, 1,620 MW of hydro, 132 MW of wind and 365 MW of solar plants.
LS Power noted that the fresh investment from the Korean partner will accelerate the expansion of REV’s portfolio.
The transaction is awaiting regulatory clearance. It will give SK E&S an ownership stake of an undisclosed size in REV along with a seat on its board of directors.
Among SK E&S’ prior US investments are solar installer Sunrun Inc (NASDAQ:RUN) and hydrogen technology company Plug Power Inc (NASDAQ:PLUG), as well as battery storage firm Key Capture Energy.
Also today it was announced that LS Power and SK E&S will establish a joint strategic task force to identify and evaluate potential opportunities to cooperate across the full range of clean energy technologies and services. This team will be led by John King, Executive Vice President at LS Power and a member of REV's Board of Directors.
(USD 1.0 = EUR 0.863)
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