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Biz News Korea(Eng)
KEPO to acquire U.S. solar power plant at $30 mn
- Collected
- 2016.08.22
- Distributed
- 2016.08.23
- Source
- Go Direct
According to the electric power industry Sunday, the KEPCO will ink the agreement with Carlyle Group sometime this month in the States to purchase U.S. power plant developer Cogentrix Energy Power Management LLC.’s “Alamosa Solar Generating plant” –located in the San Luis Valley near Alamosa Colorado which produces 30 megawatts (MW) of solar power for use that began commercial operation in May 2012.
Carlyle Group acquired Cogentrix Energy assets, power project development and acquisition platform altogether from Goldman Sachs Inc. in September 2012. The plant, run by Cogentrix Energy and owned by Carlye Group, supplies electricity to customers of the Public Service Company of Colorado (PSCo). Stable revenue stream is guaranteed from the plant, the industry observed.
With the latest to-be-stricken deal in the U.S., the KEPCO will make headway into the U.S. renewable energy market.
The Korean electric power supplier has been running total 37 projects across 22 countries – mostly emerging economies. It has been eyeing on renewable energy markets in advanced countries to diversify and bolster its business portfolio, but barely saw fruitful outcomes.
An industry official expected that the Korean firm’s recent U.S. plant buyout brightens its prospect for more acquisitions in North America. The KEPCO’s operating profit reached 11 trillion won ($9.9 billion) in 2015 and 6.3 trillion won in the first half this year, respectively.
By Jung Wook
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]