KKR has agreed to acquire a 348bn won stake, equivalent to approximately $235m, in SK Eternix, expanding its exposure to climate and environmental investments, Bloomberg reports.

The transaction will give KKR a combined 43.5% stake in the company. The investment includes the purchase of a 30.98% holding from SK Discovery and a 12.52% stake from Hahn & Company. 

SK Eternix is part of the SK Group conglomerate, which also controls semiconductor manufacturer SK Hynix. Shares in SK Eternix rose as much as 13.8% following news of the transaction, while SK Discovery gained as much as 5.2% in Seoul trading.

SK Discovery said the divestment reflects the capital-intensive nature of renewable energy development, where projects require significant upfront investment and returns are typically generated gradually through long-term power sales.

The investment continues KKR’s broader strategy of backing climate and environmental assets globally. Since 2010, the firm has committed approximately $44bn to energy transition investments.

KKR has previously backed renewable platforms including ContourGlobal, Avantus, and Encavis.

Separately, SK Discovery announced a shareholder return programme that includes the repurchase and cancellation of 60bn won of treasury shares over the next three years. The company plans to buy back approximately 20bn won this year and the remaining 40bn won over the following two years.

The investment highlights continued private equity appetite for renewable infrastructure assets despite broader market volatility linked to geopolitical tensions.

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