Korean SK Group to invest $421 million in a US renewable energy firm

South Korean group SK E & S Co., the natural gas provider under SK Group, has announced that it will invest some 500 billion won ($421 million) to buy a stake in a US renewable energy firm.

The investment will be made in its US affiliate, SK E&S Americas, it informed.

It has been reported that SK E&S will buy 505 billion won worth of shares in SK E&S Americas, in a bid to invest up to $400 million in Rev Renewable.

Rev Renewable is an affiliate of LS Power. To be noted, Rev Renewable is focused on the development and operation of energy storage as well as renewable projects, a local report stated.

This company "houses the storage and renewable assets of its parent company, starting with 2.4 GW of operating storage, solar and wind assets," a local report explained.

According to the conglomerate corporation SK E&S, it will also secure a strategic partnership with LS Power.