SK E&S spends US$ 300-400m in LS Power's REV Renewables

• South Korean tidy energy business SK E&S has spent US$ 300-400 million in LS Power's newly launched REV Renewables that will certainly speed up the development of its portfolio of renewable power and also power storage projects.

In return, SK E&S will get an ownership risk in the renewables as well as energy storage system and also will hold one seat on REV's board of directors.

"SK E&S' investment will supply additional ability to accomplish REV's objective to decarbonize electrical energy supply in a fashion that is affordable and reliable as well as increases the business's growth trajectory," said Ed Sondey, Chief Executive Officer of REV.

We highly think that REV will spearhead the makeover of the power landscape in the United States, creating significant worth, not just for the business, but also for society as a whole," stated Kyungyeol Song, executive vice president at SK E&S.

Additionally, LS Power as well as SK E&S have agreed to develop a joint critical task force to identify and review potential collaboration chances across the complete variety of clean energy modern technologies and services.

US growth as well as investment company LS Power released Rev Renewable in August this year, enhancing it with a 2.4 GW portfolio of running storage space, solar and also wind projects. This makes it "one of the biggest independent pure-play energy storage space and also renewables business in the United States today", according to LS Power.

SK E&S' investment goes through regulatory approvals and various other closing conditions.