SK, KKR to launch South Korea's largest renewable energy venture valued at $1.3 billion

Private equity firm KKR and South Korea's SK Inc. have announced the formation of the country's largest renewable energy platform. This new venture, valued at approximately 2 trillion won ($1.3 billion), is designed to address the increasing demand for clean energy, particularly from burgeoning AI data centers and semiconductor manufacturing plants.

The platform will consolidate renewable energy assets from SK Innovation, SK ecoplant, and SK eternix. Its portfolio will span various clean energy sources, including solar power, onshore and offshore wind farms, and fuel cell technology. Upon its launch, the platform is expected to possess about 1.7 gigawatts of operational capacity.

Furthermore, the venture includes a significant development pipeline projected to expand its total capacity to 10 gigawatts. This capacity is deemed sufficient to power roughly 100 large-scale, 100-megawatt data centers. KKR will hold initial management control of the platform, with SK Inc. participating as a key equity investor. The integrated entity is slated for an official launch by the end of the year, with SK Inc. owning 49% and KKR holding 51% of the venture.