SK Group Chairman Chey Tae-won speaks during a meeting at Cheong Wa Dae, Seoul, Monday. Yonhap
SK Inc., SK Group's holding company, said Wednesday that it has signed a deal with Kohlberg Kravis Roberts (KKR) & Co., a U.S. investment firm, to establish a joint venture for renewable energy as part of its business rebalancing efforts in response to rising energy demand.
SK Group's three energy-related affiliates — SK Innovation, SK ecoplant and SK Discovery — are currently transferring their respective renewable energy assets to KKR through business and share transfers for the establishment of the new JV, according to SK Group.
The new HoldCo, a 49:51 JV between SK and KKR, is scheduled to be launched by the end of this year.
The JV will have a portfolio covering all sectors of renewable energy generation except hydrogen, including solar power, offshore and onshore wind power, fuel cells and energy storage systems (ESS).
