KKR and SK Form $1.3 Billion Renewable Energy Platform in South Korea

Global investment firm KKR and South Korea’s SK Inc are launching a renewable energy platform valued at about $1.3 billion, or 2 trillion South Korean won. The platform combines 1.7 gigawatts of operating clean energy capacity with a development pipeline that would raise total capacity to 10 GW, KKR said in a statement.

KKR will hold management control in the initial phase while SK participates as an equity investor with the option to seek control rights later. The 10 GW target would be capable of powering 100 large-scale, 100 MW-class data centers simultaneously, according to KKR.

The electricity is intended to supply South Korea’s growing demand from AI data centers and semiconductor manufacturing. In April, the Korean Ministry of Climate, Energy, and Environment said the country aims to generate at least 20 percent of its power from renewables by 2030, up from about 11 percent currently.

“Korea is one of Asia’s most attractive renewable energy markets, underpinned by strong corporate demand for clean power from the semiconductor, data center, and manufacturing sectors,” said Keith Kim, Partner at KKR.