SK Group & KKR form JV to consolidate renewable energy businesses

By Global Infrastructure Sherpa · Feb 13, 2026

Joint Venture SolarOnshore WindOffshore WindStorageHydrogenBattery Storage announced Dangjin, South Chungcheong Province, South Korea Feb 13, 2026

SK Group and KKR are forming a 50-50 joint venture to integrate SK Group's renewable energy units, aiming to eliminate inefficiencies and create synergies. As part of the deal, SK Group will sell KKR a 31% stake in SK Eternix. The joint venture will consolidate renewable energy businesses from SK Innovation, SK Ecoplant, and SK Discovery. The move is driven by the expanding global renewable energy market and the need for large-scale capital to fund projects like offshore wind power.

Deal Analysis

SK Group and KKR's formation of a 50-50 joint venture to consolidate SK Group's renewable energy assets represents a significant strategic move to capitalize on the expanding global renewable energy market. The deal involves SK Group selling a 31% stake in SK Eternix to KKR, with the joint venture consolidating renewable energy businesses from SK Innovation, SK Ecoplant, and SK Discovery. This consolidation aims to eliminate inefficiencies, create synergies, and provide the necessary large-scale capital for funding projects, particularly in areas like offshore wind power. The joint venture allows SK Group to leverage KKR's financial expertise and global network to accelerate the growth of its renewable energy portfolio. For KKR, this partnership provides access to a diversified portfolio of renewable energy assets in South Korea, a key market in the Asia Pacific region. The deal underscores the increasing trend of strategic partnerships between industrial conglomerates and private equity firms to drive growth in the renewable energy sector.

50-50 joint venture between SK Group and KKR to consolidate renewable energy businesses.
SK Group sells a 31% stake in SK Eternix to KKR as part of the deal.
Consolidation includes renewable energy businesses from SK Innovation, SK Ecoplant, and SK Discovery.
Driven by the need for large-scale capital to fund renewable energy projects like offshore wind.

Market Context: The global renewable energy market is experiencing rapid growth, driven by increasing demand for clean energy and government policies supporting renewable energy development. South Korea, located in the Asia Pacific region, is actively promoting renewable energy adoption, particularly in solar, wind, and hydrogen technologies.