S Korean East-West Power acquires US green energy firm
(ADPnews) - Oct 5, 2010 - South Korean power producer Korea East-West Power Company Ltd, or EWP, said yesterday it had acquired a US renewable energy firm from Japan's trader Marubeni Corporation (TYO:8002).
The volume of the transaction which allows the Korean firm to set foot in the US energy market was not disclosed.
The acquired company, renamed EWP Renewable Corp, operates three biomass power plants and one natural gas co-generation power plant in the US with a total capacity of 70 MW. It expects to reach a record annual output of more than 375,000 MWh of renewable energy for 2010.
EWP said the acquisition represented also the first investment by a Korean energy producer in the US energy generation sector and added that it would develop its energy business in the US.
EWP operates 9,500 MW power generation plants in Korea and develops two units totalling 1,000 MW. Its activities abroad includes involvement in projects in countries like Haiti, Indonesia, Vietnam, Philippines, Chile.