South Korean clean energy company SK E&S has invested US$300-400 million in LS Power’s newly launched REV Renewables that will accelerate the expansion of its portfolio of renewable power and energy storage projects.
In return, SK E&S will receive an ownership stake in the renewables and energy storage platform and will hold one seat on REV’s board of directors.
“SK E&S’ investment will provide additional capacity to achieve REV’s mission to decarbonize electricity supply in a manner that is affordable and reliable and accelerates the company’s growth trajectory,” said Ed Sondey, CEO of REV.
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,” said Kyungyeol Song, executive vice president at SK E&S.
In addition, LS Power and SK E&S have agreed to form a joint strategic task force to identify and evaluate potential collaboration opportunities across the full range of clean energy technologies and services.
US development and investment company LS Power launched Rev Renewable in August this year, endowing it with a 2.4GW portfolio of operating storage, solar and wind projects. This makes it “one of the largest independent pure-play energy storage and renewables companies in the US today”, according to LS Power.
SK E&S’ investment is subject to regulatory approvals and other closing conditions.