SK, KKR to launch South Korea renewable energy venture valued at $1.7b
The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, Feb 3, 2017.
PHOTO: Reuters file
SEOUL — Private equity firm KKR and South Korea's SK Inc said on Wednesday (July 1) they will launch the country's largest renewable energy platform, valued at two trillion won (S$1.7 billion), to help meet rising clean-power demand from AI data centres and chip plants.
The platform will combine renewable energy assets from SK Innovation, SK ecoplant and SK eternix, spanning solar, onshore and offshore wind, and fuel cells, SK and KKR said in separate statements.
It will have about 1.7 gigawatts of operational capacity at launch and a development pipeline that would bring total capacity to 10 gigawatts, enough to power 100 large-scale 100-megawatt data centres, the companies said.
KKR will have initial management control of the platform, while SK will participate as an equity investor and may seek control rights through future talks, they said.
SK said KKR will own 51 per cent of the venture and SK Inc 49 per cent, with the integrated entity expected to officially launch by year-end.
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