REV Renewables gains backing from South Korean conglomerate SK E&S19 October 2021
LS Power said that South Korea-based SK E&S Co. will become an equity investor in REV Renewables, an LS Power company focused on the development, acquisition, and operation of renewables and energy storage.
The deal will include a $300 million to $400 million investment from SK E&S to support REV’s portfolio of renewable power and energy storage projects.
SK E&S will receive an ownership stake in the renewables and energy storage platform and will hold one seat on REV’s board of directors. The investment is subject to regulatory approvals and other closing conditions. In addition, the two agreed to work together to identify and evaluate potential opportunities across clean energy technologies and services.
LS Power announced the formation of REV Renewables in August with a 2.4 GW portfolio of operating storage, solar, and wind projects. The portfolio includes a California-based battery storage portfolio (290 MW) that includes Gateway (250 MW); a non-utility pumped storage hydro portfolio in the mid-Atlantic region of PJM (1,620 MW); wind assets (132 MW); and a portfolio of 25 solar power facilities spanning 14 states (467 MWdc/365MWac).