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SK ecoplant. (Photo courtesy of Yonhap News Agency) |
[Alpha Biz= Paul Lee] Seoul, August 18, 2025 – Global private equity firm KKR is set to acquire SK ecoplant’s environmental subsidiaries Renewus and Renewone for approximately KRW 1.7 trillion. The transaction is expected to be finalized at SK ecoplant’s board meeting on August 19.
SK ecoplant, formerly SK Engineering & Construction, rebranded in 2020 to position itself as a green platform company. The company acquired Renewus from Affirma Capital for KRW 1.05 trillion in November 2020, followed by the consolidation of eight waste treatment subsidiaries into Renewone between 2021 and 2022.
However, the aggressive expansion strategy has sharply increased SK ecoplant’s debt load:
Total borrowings rose from KRW 5.6 trillion in 2023 to KRW 7.2 trillion in Q1 2025,
Pushing its debt-to-equity ratio to 240.8%.
Facing mounting financial pressure ahead of its planned IPO next year, SK ecoplant has decided to divest its environmental business units. In addition, the company is in discussions with domestic and global private equity funds to sell SK Oceanplant, its offshore wind substructure subsidiary, for around KRW 500 billion including minority stakes.
Proceeds from the divestments will be used to reduce debt and strengthen SK ecoplant’s financial position.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
