KKR has placed further capital into SK E&S to help the South Korean energy company to pay back debt and progress with its acquisition plan.
The global investment firm, on behalf of its Asia Pacific infrastructure fund, is investing an undisclosed amount to acquire new redeemable convertible preferred shares (RCPS) issued by SK E&S.
The latest deal follows KKR’s initial investment in SK E&S in November last year. At the time, KKR said it was investing KRW2.4trn (€1.5bn) to buy RCPS to help the energy firm accelerate its “growth and transformation into a global clean energy solution provider”.
Keith Kim, a managing director on KKR’s infrastructure team, said: “We are pleased to extend our collaboration with SK E&S and support its mission-critical diversification into renewable energy solutions both within and outside of Korea.
“We are also excited to deepen our existing relationship with SK Group, and believe that this transaction is highly aligned with KKR’s broader strategy to create tailored solutions to support the corporate objectives of Korean enterprises.”
SK E&S said it now looks to “secure liquidity to de-lever as well as capture post-pandemic opportunities across energy and renewable assets”.
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