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

Celsius takes delivery of new LNG tanker

South Korea’s Samsung Heavy Industries has handed over a new 180,000-cbm LNG carrier to Denmark’s Celsius Tankers, a unit...

CEO: TotalEnergies looking to restart Mozambique LNG by end of 2024

Pouyanne discussed the Mozambique LNG project during TotalEnergies’ strategy and outlook presentation in New York on Wednesday. According to the...

Hanwha Ocean to build FSRU for $413 million

Hanwha Ocean revealed the order on Wednesday, saying it would build the unit for an unidentified Asian owner. The delivery...

More News Like This

SK Innovation, SK E&S merger approved

Shareholders of South Korea’s SK Innovation have approved the previously announced merger deal with SK E&S. Last month, the two...

South Korea’s SK Innovation, SK E&S agree to merge

South Korea's SK Innovation and SK E&S have agreed to merge into one firm, creating the largest private energy...

EIG’s MidOcean wraps up stake purchase in Peru LNG

MidOcean Energy, the LNG unit of US-based energy investor EIG, has completed its previously announced purchase of a 20...

EIG’s MidOcean buys Peru LNG stake from SK

MidOcean Energy, the LNG unit of US-based energy investor EIG, has purchased a stake in LNG terminal operator Peru...