KEPCO acquires 30MW solarpower plant in Colorado

29 August 2016 (Last Updated August 29th, 2016 18:30)

Korea Electric Power (KEPCO) has signed a memorandum of understanding (MoU) with Cogentrix Solar Holdings to purchase a 30MW solarpower plant in Alamosa County, Colorado.

Korea Electric Power (KEPCO) has signed a memorandum of understanding (MoU) with Cogentrix Solar Holdings to purchase a 30MW solarpower plant in Alamosa County, Colorado.

US-based Cogentrix Solar Holdings is an affiliate of Carlyle Group, a private equity firm. KEPCO expects to acquire the facility by October and its affiliates will be responsible for maintenance. Financial details of the purchase have not yet been disclosed, reported Businesskorea.co.kr.

"KEPCO expects to generate a turnover of $230m and improve exports by $13.46m."

The Alamosa County plant features concentrated modules, which has improved its power production efficiency by around 30%. KEPCO expects to generate a turnover of $230m and improve exports by $13.46m by setting up additional panels.

The acquisition will provide KEPCO access to the US Energy market, expanding its current presence in 22 countries worldwide.

As well as operating thermal and nuclear power plants, KEPCO's projects include power transmission wires and renewable energy developments. In the fiscal year 2015, the company generated KRW4.9 trillion ($4.4bn) in sales from overseas markets.