U.S. private equity giant KKR will take management control of a new $1.3 billion renewable energy platform in South Korea, deepening its bet on growing demand for clean power from chipmakers and artificial intelligence data centers. KKR and SK Inc.

said Wednesday they will launch what they described as South Korea's largest renewable energy platform, valued at 2 trillion won ($1.3 billion), integrating wind, solar and fuel cell assets previously held across the conglomerate's businesses. The platform will start with 1.7 gigawatts of operating capacity before scaling to 10 gigawatts — enough to power 100 large-scale, 100-megawatt data centers simultaneously, the companies said in a statement. KKR will hold initial management control in the venture, bringing together renewable businesses and assets from several subsidiaries under SK Group, including SK Innovation, SK ecoplant, and SK eternix.

SK will participate as an equity investor and retains the option to seek control rights through future talks. The new venture will help South Korea meet the surging demand for clean power from AI data centers, semiconductor production lines, and other large industrial needs, KKR said in a statement. The announcement came after South Korea announced on Monday three massive investment projects spanning semiconductors, physical AI and AI data centers.

SK Group, the country's second-largest conglomerate, said it planned to invest an average of 100 trillion won a year to expand semiconductor production and build AI data centers. "Korea is one of Asia's most attractive renewable energy markets, underpinned by strong corporate demand for clean power from the semiconductor, data center, and manufacturing sectors," said Keith Kim, a KKR partner. KKR is funding the deal through its Asia Pacific infrastructure strategy, which has invested more than $31 billion into energy transition and renewables globally since 2011.

The Korea platform adds to KKR's renewable energy portfolio in the region, which includes investments in India-based Serentica Renewables and Australian companies CleanPeak Energy and Zenith Energy. The deal also came as SK Group continued to push through its years-long "value-up plan," including selling assets and restructuring efforts to reduce debt leverage. SK said the platform is part of a broader effort to sharpen its portfolio and improve capital efficiency.