M&A: SK Corp., KKR launch renewable energy JV targeting 10 GW by 2031
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South Korea’s SK Corp. has signed an equity investment agreement with global private equity fund manager KKR to launch a renewable energy joint venture (JV) that will bring the group’s clean energy assets under a single platform, according to a news report.
As part of the deal, SK Innovation, SK ecoplant, and SK discovery will transfer their clean energy assets into a new company, tentatively named HoldCo, by the end of 2026.
KKR will own a 51% stake and take initial management control, while SK Corp. will hold the remaining 49% and may negotiate for management control in the future.
The new platform will include solar, onshore and offshore wind, fuel cells, and energy storage systems (ESS). It currently operates about 1.7 GW of capacity and plans to expand that to 10 GW by 2031.
KKR manages more than USD 100bn in infrastructure assets and has invested about USD 31bn in renewable energy infrastructure since 2011.
According to NPM intel from earlier this month, KKR agreed to pay up to USD 4.59bn for edf power solutions North America. Under KKR’s ownership, EDF power solutions North America would have resources and strategic support to expand its asset base, enhance operational performance, and accelerate its development pipeline.
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