SK E&S sells 49% stake in Seoul natural gas plant to Thailand's EGCO for $779.1m

It will fund new natural gas power plants in South Korea.

South Korean power generator SK E&S Co. will sell a 49% stake in Paju Energy Service Co., the operator of a natural-gas power plant near Seoul, to Thai utility EGCO for $779.1m.

Yonhap News reports that SK E&S Co. will use the proceeds from the sale to finance a planned natural gas power plant and renewable projects in South Korea.

SK E&S said it plans to sign a deal with EGCO later this month. The deal is set to be completed by March next year.

EGCO made a similar announcement in Bangkok.

After the sale, SK E&S said it will hold a 51% stake in Paju Energy Service Co.