SK E&S to invest $400 mn in Rev Renewables, Posco mulls stake in Senex

Park Yun-gu and Lee Eun-joo 입력 2021. 10. 19. 14:12 수정 2021. 10. 19. 16:42
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South Korean energy companies have been active on the M&S scene to accelerate their green push by leveraging on overseas resource and technology.

SK E&S said on Monday that its board last week approved a plan to fund $425.25 million to SK E&S Americas Inc. for its investment in Rev Renewables LLC, a leading energy solution firm in the United States. It will invest up to $400 million excluding advisory fees for ownership in Rev Renewable shares.

Details on financial terms were not disclosed.

Rev Renewables is an environmentally-friendly energy company that operates 2.4-gigawatt green power generations across the U.S. including 290-megawatt (MW) energy storage system, 365MW solar power, 132MW wind power, and 1,620MW pumped hydro generators.

The company’s core business focuses on a new energy solution designed to effectively deal with issues stemming from the increasingly instable power grid and consumers’ more diversifying energy consumption patterns, using energy storage system (ESS) and artificial intelligence technologies.

Demand for the solution is expected to surge as governments around the world are working together to reach carbon neutral goals and expand use of renewable energy sources.

The investment also makes a strategic partnership with Rev Renewable’s parent LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector.

“We are excited to invest in Rev Renewables,” said Song Kyung-yeol, executive vice president at SK E&S. “SK E&S is very committed to realizing a net-zero world and has been leading this transition globally with our innovative energy solution business models and technologies.”

Posco International said in a disclosure that it is in talks with Australian natural gas producer Senex Energy for a stake purchase worth 814.8 million Australian dollars. It confirmed that it has earned exclusive rights for the negotiations until Nov. 5 but added nothing has been determined.

Reuters reported Monday that Senex Energy had received a $605 million takeover proposal from Posco International at $4.4 Australian dollar per share. The offer represents a 15 percent premium over Senex’s stock close last Friday and nearly 38 percent higher than its closing price on Sept. 1, it said.

Posco International shares finished Tuesday down 0.22 percent at 23,100 won ($19.6).

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ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지

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