SEOUL, July 1 (Reuters) - South Korea's SK Inc 034730.KS said on Wednesday it will set up a renewable energy joint venture in the country with private equity firm KKR KKR.N, aiming to expand power capacity to 10 gigawatts by 2031.

KKR will own 51% of the venture and SK Inc 49%, with the launch planned by year-end, SK said in a statement.