The electronic structure of Sr 0.35 CoO 2 , structurally analogous to the layered Na x CoO 2 , has been evaluated using the local spin density approximation (LSDA). We find that evident c-dispersions appear in both the e ' g and a 1g Co-derived bands, demonstrating the existence of a notable interplanar interaction in Sr 0.35 CoO 2 . The LSDA+U calculation reveals that the electronic structure, in particular the band splitting between the spin-up and spin-down electrons, changes evidently along with the increase of the effective on-site Coulomb interaction U. Analysis of theoretical and experimental electron energy-loss spectra (EELS) for the oxygen K-edge and the Co L 23 -edge suggests that the on-site interaction (U) in Sr 0.35 CoO 2 is less than 3eV which is noticeably weaker than the estimated value (from 5eV to 8eV) in the Na x CoO 2 materials.