Korea Electric Power Corp (KEPCO) signed a contract on Aug. 26 to buy a solar power plant from the U.S.-based Carlyle Group’s Cogentrix Solar Holdings, KEPCO said in a statement released on Sunday.
The purchase is KEPCO’s first entry in to the U.S. energy market though the company has operated overseas since 1995, starting in the Philippines, and is now active in 22 countries.
The solar power plant, located in Alamosa County, Colorado, is able to produce 30 megawatts of solar power and KEPCO is expected to be operating the site by this October, it said. The financial terms of the purchase were not disclosed.
KEPCO said it also signed a separate memorandum of understanding with Carlyle, one of the world’s largest private equity firms, to form a cooperative relationship to develop an independent power producer business, renewable energy business and other types of energy businesses. (Reporting by Yun Hwan Chae; Editing by Christian Schmollinger).