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According to a stock exchange filing, SK Gas will sell the stake to a consortium of STIC Investments and Korea Investment Partners Private Equity.
STIC Korea Investment Infrastructure Private Equity Fund will pay approximately 1.22 trillion won ($828 million) to buy the stake.
SK Gas will retain a 51 percent operating stake in the power plant.
The scheduled transfer date is May 29.
Moreover, SK Gas said in a social media post that this marks a “meaningful step in enhancing asset efficiency and securing investment capacity—strengthening the foundation for future growth.”
Building on this momentum, SK Gas continues to expand its portfolio and accelerate its growth, the company said.
In December 2024, SK Gas launched commercial operations at what it says is the world’s first LNG/LPG combined cycle power plant in Ulsan.
SK Gas invested 1.4 trillion won ($947.5 million) in the construction of the plant.
Ulsan GPS is located in the Mipo industrial complex in the Yongyeon district (Bugok, Ulsan), and it has a total power generation capacity of 1.2 GW.
The construction of the plant started in April 2022, while the facility began its trial operations in May 2024 after Korea Energy Terminal (KET) received its commissioning LNG cargo in April.
SK Gas said at the time that Ulsan GPS would receive 900,000 to 1 million tons of LNG per year from KET.
Although LNG is the power plant’s main fuel, LPG can also be used as an alternative fuel depending on market conditions, providing flexibility and stability in power generation, the firm said.
