SEOUL, Oct. 18 (Korea Bizwire) — SK E&S Co., the natural gas provider under SK Group, said Monday it will invest some 500 billion won (US$421 million) in its U.S. affiliate, SK E&S Americas, to buy a stake in a U.S. renewable energy firm.
In a regulatory filing, SK E&S said it will buy 505 billion won worth of shares in SK E&S Americas, in a bid to invest up to $400 million in Rev Renewable.
Rev Renewable is focused on the development and operation of energy storage, as well as renewable projects.
Rev Renewable, an affiliate of LS Power, houses the storage and renewable assets of its parent company, starting with 2.4 GW of operating storage, solar and wind assets.
SK E&S said it will also secure a strategic partnership with LS Power, established in 1990.