On October 19, 2021, LS Power and SK E&S will establish a joint "strategic working group" to identify opportunities for clean energy technologies and services. South Korean natural gas company SKE&S will invest up to 400 million U.S. dollars in REVRenewables, a subsidiary of LSPower, which is mainly engaged in the development and operation of energy storage projects. Through this investment, SKE&S will acquire part of the equity of REV's renewable energy and energy storage platform, as well as a seat on the company's board of directors. Kyungyeol Song, Executive Vice President of SKE&S and Head of EQ-TF, said: “SKE&S is very committed to achieving a net-zero world and is leading this transformation globally through our innovative energy solution business model and technology.
"We firmly believe that REV will lead the transformation of the U.S. energy landscape, creating important value not only for enterprises, but also for the entire society." The completion of the transaction is subject to regulatory approval and other transaction conditions. SKE&S's investment aims to help REV accelerate the expansion of its project portfolio. Paul Segal, CEO of LSPower and Chairman of the REV Board of Directors, said: "The energy transition is underway. We believe that renewable energy and energy storage are the biggest opportunities and challenges. Keywords: engineering construction, engineering news
"We established REV to meet these challenges. We are very pleased that a company with SKE&S's vision and global influence will join us in investing in REVRenewables." LSPower and SKE&S have agreed to establish a joint "strategic working group" to identify clean energy technologies And service opportunities. In this transaction, Morgan Stanley and Royal Bank of Canada Capital Markets acted as financial advisors to LSPower and REV, and Bank of America Securities acted as financial advisors to SKE&S.Editor/XingWentao,Design/XiaChangwang
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