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THE INVESTOR] ]
Korea Eletric Power Corp. has acquired a US power plant for US$34 million from private equity firm Carlyle Group, it announced on Aug. 28.
The South Korean public enterprise has signed an agreement with Carlyle’s subsidiary Cogentrix Energy Power Management to take over the entire stake of Alamosa Solar Generating Plant in Colorado on Aug. 26.
The deal was financed by a corporate partnership fund created with homegrown pension and funds including National Pension Service.
Established in 2012, it is the largest concentrating solar photovoltaic power generation facility in the world, producing 30 megawatts of solar power.
KEPCO will operate the power plant from October and is expecting a US$230 million turnover over the contracted 26 years as it has secured a long-term power purchase agreement with Public Service Company of Colorado.
This is the first time the power supplier will operate in the US. The state utility firm first expanded its business overseas in 1995 and is currently is carrying out a range of projects from thermal and atomic power generation to resource development in 22 countries. It has posted 4.9 trillion won (US$4.37 billion) turnover from overseas operations in 2015.
By Hwang You-mee (
glamazon@heraldcorp.com)
