April 26, 2024

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[THE INVESTOR] Korea’s largest utility provider Korea Electric Power Corp. is in discussions to acquire a California-based solar power plant, the company said on Aug. 31. 

After recently meeting with the company that owns the power plant in California, Kepco is currently working with the Ministry of Trade, Industry and Energy on the details of stake purchases, according to the company.

The corresponding deal is expected to take shape later this year, but other details have yet to be undisclosed.

The capacity of the plant in California is expected to reach some 200 megawatts, seven times bigger than the solar power plant in Colorado that Kepco previously acquired, according to industry sources. 

If it goes through, the ongoing deal is likely to create synergy with Kepco’s acquisition of a Colorado-based solar power plant with a capacity of 30 megawatts for 33.6 billion won ($30 million) in June last year.

Kepco aims to expand its overseas businesses to account for 28 percent of its combined sales by 2025, from 8.2 percent in 2015.

By Shim Woo-hyun/The Korea Herald (ws@heraldcorp.com)