SEOUL, July 30 (Korea Bizwire) — SK E&S Co., a leading South Korean gas provider, said Thursday that it will invest US$115.8 million to set up a joint venture (JV) with U.S. solar energy company Sunrun Inc. in its latest move to expand its energy solution business in the United States.
Under the plan, SK E&S will buy new shares of Sunrun, the largest residential solar company in the U.S., for $74.9 million.
The move, which is meant to develop residential solar energy solutions in the U.S., is the latest in a series of investments by SK E&S in the U.S.
Last year, SK E&S set up Electrodes Holdings, which operates a virtual power plant in California based on an energy storage system, in a 50:50 JV with SUSI Partners, a Swiss fund manager specializing in clean energy infrastructure investments.
In 2013, SK E&S signed a 20-year deal to import liquefied natural gas (LNG) from an LNG liquefaction terminal in Freeport located on the Gulf of Mexico.