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Korean Teachers` Credit Union invests in new Anyang power plant

Collected: 2016.09.07

Distributed: 2016.09.08

Source: Go Direct

The Korean Teachers` Credit Union has decided to invest 100 billion won ($90.4 million) into an infrastructure project on modernizing a combined-cycle power plant in Anyang, a satellite city south of Seoul.

It expects to reap annual return rate of between 4.5 percent and 5 percent. According to sources on Tuesday, the mutual aid association decided to put 100 billion won in a monetary receivables trust backed by some payment (about 250 billion won) for construction of new plant facilities. Under the financial scheme, GS Engineering & Construction Co. which won the construction order from project owner GS Power Co. will receive the money as a loan. The investment period will last until September 2019.

An official at an investment banking company said "the project carries relatively low payment risk as it is conducted by GS Power whose credit rating stands at AA, and it is good investment opportunity in the infrastructure area especially these days.”

The power plant unit 2 will be completed by the end of 2021. Power generation capacity will double to 935㎿. The older plant established in 1994 will be demolished from 2022.

By Kang Doo-soon

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