Korea's SK E&S to spend approximately USD 400m in US renewables platform REV.
- SK E&S Co Ltd, part of South Korean commercial empire SK Group, has actually consented to invest up to USD 400 million (EUR 345m) in REV Renewables LLC, a device of LS Power that gets, establishes as well as operates renewable energy and battery storage space properties.
The Seoul-based financier will pour in between USD 300 million and also USD 400 million into REV, which was developed by LS Power in August 2021 to house the storage space and eco-friendly assets of the parent company. REV released with a 2,400-MW portfolio that includes 290 MW of battery storage space, 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 companion will certainly accelerate the development of REV's portfolio.
The purchase is waiting for governing 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.
Amongst SK E&S' prior US investments are solar installer Sunrun Inc (NASDAQ: RUN) and also hydrogen innovation business Plug Power Inc (NASDAQ: PLUG), as well as battery storage space company Secret Capture Energy.
Likewise today it was announced that LS Power as well as SK E&S will develop a joint strategic task force to recognize and also assess possible chances to cooperate across the complete range of clean power innovations and also services. This team will certainly be led by John King, Executive Vice President at LS Power and a participant of REV's Board of Directors.