Shearman & Sterling represented SK Group, one of the world's largest sustainable infrastructure companies, in an investment agreement with World Energy GH2 in the investment and construction of a green hydrogen project located in Newfoundland, Canada, named Project Nujio'qonik.
The investment was made public on May 17.
Based in Seoul, South Korea, the SK Group, though its infrastructure and energy arm, SK ecoplant, is acquiring a 20 per cent stake in the $4.5 Billion project. The agreement signifies the first cross-border investment in a Canadian green hydrogen project and was signed during Prime Minister Justin Trudeau’s visit to South Korea. SK Group operates more than 200 companies across the energy, life sciences, advanced materials, mobility, and semiconductor industries.