Group seeks to combine solar, wind, energy-storage businesses across affiliates, as AI-driven power demand accelerates
SK Group is partnering with US investment firm KKR to combine renewable energy assets across its affiliates into a unified platform, as surging demand from artificial intelligence and data centers boosts the appeal of large-scale clean energy projects.
According to industry sources on Wednesday, the group is seeking to bring together renewable energy assets held by affiliates including SK Innovation and SK Eternix, while SK Ecoplant's involvement is expected to be limited to minority stakes in certain fuel cell-related projects. KKR is expected to serve as a key investment partner.
"Renewable energy businesses have been managed separately by each affiliate, and the group is now working to reorganize them," an SK Group official told The Korea Herald.
The effort appears to be part of a broader strategy to improve efficiency, attract outside capital and scale up renewable energy operations spanning solar, wind and energy storage systems.
As part of the restructuring, SK Innovation has signed a business transfer agreement with KKR covering its renewable energy business.
"The transaction includes SK Innovation's solar and wind power assets, with a total project pipeline of about 5.5 gigawatts," an SK Innovation official said.
The company expects to complete the deal this year following regulatory approvals.
The move follows KKR's acquisition of SK Discovery's entire 30.98 percent stake in SK Eternix in March.
"It was a sale of the stake itself," an SK Discovery official said. "The transaction should be viewed as involving the company as a whole rather than individual assets."
The official declined to comment on whether SK Eternix would ultimately become part of a broader integrated renewable energy platform.
SK Ecoplant, meanwhile, appears to have a more limited role in the planned restructuring.
“The assets under review are minority stakes related to our fuel cell business,” an SK Ecoplant official said. “The scale is understood to be relatively small.”
The official added that Bloom SK Fuel Cell is not included in the transaction. Local media reports have put the potential transaction size at under 100 billion won ($65.6 million), though the company declined to confirm the exact amount.
An industry source familiar with the matter said the initiative is about more than asset sales.
"Renewable energy projects require substantial upfront capital, while permitting, grid connections and power purchase agreements take years to secure," he said. "SK appears to be creating a renewable energy platform together with KKR rather than simply divesting assets."
The timing comes as soaring electricity demand from AI infrastructure and data centers is boosting interest in renewable energy projects globally. Tech companies are increasingly seeking long-term clean power supplies to support growing computing needs while meeting carbon reduction targets.
yeeun@heraldcorp.com
