LS Power Announces Global Clean Energy Leader SK E&S Co. Investment in REV Renewables

October 29, 2021

Willkie represented LS Power and REV in the transaction.

LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, announced that SK E&S Co., Ltd., a South Korea-based global clean energy solutions provider 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 transaction includes a $300 million to $400 million investment from SK E&S that will help accelerate the expansion of 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. LS Power and SK E&S also announced the formation of a strategic task force to identify additional clean technology opportunities.

LS Power announced the formation of REV Renewables, one of the largest independent pure-play energy storage and renewables companies in the U.S., in August 2021. Willkie advised LS Power on the initial formation of the platform and contribution of a 2.4GW portfolio of assets draw from LSP’s existing portfolio, consisting of solar, wind, pumped hydro and battery storage assets. REV is dedicated to solving a critical challenge in the transformation of energy systems: decarbonizing electricity supply while maintaining affordability, reliability and resilience.

LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects.

SK E&S, established in 1999 and based in Seoul, Korea, is an affiliate of SK Group, and is Korea's largest privately-owned liquefied natural gas (LNG) player. SK E&S invests mainly in Renewables, Energy Solution, Hydrogen and Clean LNG with carbon capture, utilization, and storage (CCUS) technology.

The Willkie team was led by partners Adam Turteltaub and Jay Hughes, and included partner Norman Bay, and associates Ryan Giggs, Thomas Millar, Sidney Nunez and Joe Laurel.