[Click eStock] "SK Eturnix to Unlock Offshore Wind Power Treasure Chest... Synergy with KKR Expected"

From Solar Power to Offshore Wind

Advancing as a Comprehensive Developer

Securities analysts have projected that the corporate value of SK Eturnix, the largest renewable energy company in Korea, will rise due to changes in governance structure and overall market growth.

Strength in ESS Operations... Expectations for Central Contract Market Bids

According to Meritz Securities on April 22, researcher Moon Kyungwon stated the previous day, "The combination of the financial strength of global asset management firm KKR and SK Eturnix's business experience will lead to an expansion of domestic renewable energy development capabilities and an increase in market share," offering this assessment. No separate investment opinion was provided. The closing price on the previous day was 53,200 won.

After being acquired by KKR, SK Eturnix's share price has shown a steep upward trajectory. SK Eturnix, which was trading in the low 20,000-won range at the beginning of this year, is now trading in the 50,000-60,000-won range. Researcher Moon predicted, "Since the scheduled date for Eclipse, the entity established by KKR, to acquire shares is June 30, a concrete collaboration structure is expected to emerge around this summer."

In terms of business sectors, the solar power brokerage business 'Solarnix' and the offshore wind power segment are drawing attention. The scale of Solarnix is expected to exceed 200 MW this year, with continued growth anticipated due to demand for RE100 (100% renewable energy usage). Additional project rights are also expected. In particular, for offshore wind power, following the groundbreaking of the Shinan Ui project this month, the Gureopdo offshore wind power bid is scheduled for next month.

"Further Premium Possible Despite Increased Valuation"

From a performance perspective, results in the energy storage system (ESS) sector are also expected to become visible. Researcher Moon explained, "Starting this year, SK Eturnix is expected to achieve successful bids in the ESS central contract market," adding, "The company’s extensive ESS operation experience is a key strength."

Regarding the current share price level, he stated, "It appears somewhat expensive compared to global renewable energy developers," but added, "Given that the growth rate of Korea’s renewable energy market is faster than the global average, and that profit growth from equity method gains after 2029 has not yet been reflected, an even higher premium is possible."

Researcher Moon further commented, "As developers increase their capital strength, the range of projects they can participate in broadens," and added, "Lower financing costs will also raise the chances of winning bids."

This content was produced with the assistance of AI translation services.