[Market Insight] SK E&S to Sell Stakes in 3 Power Plants to Move Overseas
[Market Insight] SK E&S to Sell Stakes in 3 Power Plants to Move Overseas
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2014.11.03 17:43
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SEOUL, KOREA - SK E&S, the liquefied natural gas business unit of SK Group, is currently pushing forward with a plan to sell its three power plant assets to a special fund formed by Hana Daetoo Securities, as a way to secure funds sufficient for overseas expansion. 
 
According to investment banking sources on November 2, SK E&S will sell off the 100-percent stake in Pyeongtaek Energy Service (Oseong LNG Power Plant), an 80-percent stake in Gimcheon Energy Service (Gimcheon Combined Cycle Thermal Power Plant), and the 100-percent stake in Jeonbuk Energy Service (Jeonbuk Combined Cycle Thermal Power Plant) as a package. To that end, the company selected Samsung Securities and the Law Office of Shin & Kim as underwriters for the deal.
 
The power plant package will be acquired by a project fund created by Hana Daetoo Securities, which will establish a special-purpose company with investment from major pension funds. The price tag for the deal is estimated at 1 trillion won including debts.
 
Currently SK E&S owns seven power plant assets across the country. The Oseong LNG Power Plant, launched operations in March last year, has 833 megawatts in capacity and is valued at 735.3 billion won including a debt of 581.2 billion won. The assets of the power plants in Gimcheon and Jeonbuk (North Jeolla Province) are 257.8 billion won (debt of 175.0 billion won) and 53.4 billion won (debt of 17.7 billion won), respectively.
 
The company plans to invest the proceeds from the deals in overseas projects. It recently acquired a 49.9-percent stake in a shale gas field in Woodford, Oklahoma, owned by Continental Resources Inc. at US$360 million.
 
Article provided by The Korea Economic Daily

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