View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
October 19, 2021

SK E&S to invest $400m in LS Power subsidiary REV Renewables

LS Power and SK E&S will create a joint 'strategic task force' to identify opportunities in clean energy technologies and services.

By Umesh Ellichipuram

South Korean natural gas company SK E&S is to invest up to $400m in LS Power subsidiary REV Renewables, which develops and operates energy storage projects in the US.

Through this investment, SK E&S will acquire a set stake in REV’s renewables and energy storage platform, as well as a seat on the company’s board of directors.

SK E&S executive vice-president and EQ-TF head Kyungyeol Song said: “SK E&S is very committed to realising a net-zero world and has been leading this transition globally with our innovative energy solution business models and technologies.

“We strongly believe that REV will spearhead the transformation of the energy landscape in the United States, creating significant value not only for the business, but also for society as a whole.”

The deal’s completion is subject to regulatory approvals and other closing conditions.

The investment from SK E&S is intended to help REV expedite the expansion of its project portfolio.

LS Power CEO and REV board chairman Paul Segal said: “The energy transition is underway and we believe renewables and storage represent the largest opportunities and challenges.

“We formed REV to tackle these challenges and we are extremely pleased that a company with the vision, sophistication and global reach of SK E&S is investing alongside us in REV Renewables.”

LS Power and SK E&S have agreed to create a joint ‘strategic task force’ to identify opportunities in clean energy technologies and services.

For this transaction, Morgan Stanley & Co and RBC Capital Markets served as the financial advisors to LS Power and REV, while BofA Securities acted as financial advisor to SK E&S.

Willkie Farr & Gallagher was legal advisor to both companies, with O’Melveny & Myers providing legal advice for SK E&S.

Related Companies

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU