KKR invests $2 billion in South Korea’s SK E&S

Investment company KKR said it has purchased 2.4 trillion won ($2 billion) worth of newly issued redeemable convertible preferred shares of South Korea’s SK E&S.

SK E&S, a unit of South Korean conglomerate SK Group, would use the funding to accelerate its growth and transformation into a “global clean energy solution provider,” KKR said on Friday.

KKR made the investment from its Asia Pacific Infrastructure Fund.

“The investment will provide KKR with an opportunity to receive cash or in-kind redemption as an option for repayment in the future paired with the possibility of converting into common shares of SK E&S,” it said.

SK E&S has recently revealed ambitious plans for its LNG and hydrogen business by 2025.

The company aims to produce 280,000 tons of hydrogen, 7GW of renewables and 10 million tons of “green” LNG by 2025.

It aims to grow into a major global LNG provider that would supply 6 million tons and 10 million tons of LNG by 2023 and 2025, respectively.

Also, the plans include increasing the value of the company five times from 7 trillion won now to 35 trillion won ($30.2 billion) in 2025.

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Chevron, China’s ENN seal second LNG SPA

US energy giant Chevron has signed a second LNG sales and purchase agreement with Chinese independent gas distributor ENN.

Venture Global gets OK to introduce gas to final Plaquemines LNG block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the 18th and final liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

More News Like This

Ocean Yield in new LNG carrier move

KKR-backed Ocean Yield is further expanding its LNG carrier business with the purchase of CapeOmega Gas Transportation from Partners Group. CapeOmega co-owns ten LNG carriers operated by Norwegian shipowner Knutsen.

KN, SK Innovation E&S extend LNG cooperation pact

Lithuanian LNG terminal operator KN Energies and SK Innovation E&S, the energy unit of South Korean conglomerate SK Group, have extended their framework deal on cooperation opportunities in international LNG business development.

South Korea’s Komipo, partners launch tender for one spot LNG cargo

Korea Midland Power (Komipo), Korea Southern Power (Kospo), and a unit of SK released a tender inviting firms to submit bids for one spot LNG shipment for delivery in June.

South Korea’s SK Gas launches LNG, LPG power plant in Ulsan

Commercial operations of Ulsan GPS started on December 26, according to a statement by SK Gas, a unit of...