A natural gas supplier from South Korea, SK E&S is investing between $300 million and $400 million to acquire a stake in REV Renewables, LLC, a US based renewable energy and energy storage subsidiary of transmission and power generation projects developer LS Power. The South Korean company is not new to the US solar market as it is one of the investors in Sunrun, which is one among its other investments here.
REV Renewables has a 2.4 GW portfolio of operating storage, solar and wind energy projects and was set up by LS Power in August 2021 as one of the largest pure-play energy storage and renewables companies in the US. Apart from wind, pumped storage hydro, battery storage, its assets also include 25 solar power facilities with 467 MWDC/365 MW AC combined capacity. The company also holds a substantial development pipeline, it added.
For REV, the South Korean investment will arm it with resources to accelerate the expansion of its portfolio of renewable power and energy storage projects.
In turn, SK E&S will acquire equity stake in REV through its US subsidiary SK E&S Americas Inc., and also earn a seat on the latter's board of directors. Additionally, it has also agreed to form a joint strategic task force with LS Power to identify and evaluate potential collaboration opportunities in clean energy technologies and services.