[Exclusive] KEPCO Plans Acquisition of 370,000-Pyeong Scale US Solar Power Plant

89MW Solar Power Plant in California, USA
LOI Submission Planned for the 11th of Next Month
Acquisition to be Completed by May After Site Inspection

Korea Electric Power Corporation's solar power plant in Colorado, USA, acquired in 2017.
[Photo by Korea Electric Power Corporation]

[Asia Economy Sejong=Reporter Lee Junhyung] Korea Electric Power Corporation (KEPCO), which had a bitter experience with a failed solar power plant project in Colorado, USA, is making a renewed attempt in the North American market. KEPCO plans to acquire a local solar power plant equipped with a large-scale 89MW power plant and a 200MW energy storage system (ESS) to target the U.S. green energy market.

According to related government departments on the 18th, KEPCO is considering submitting a Letter of Intent (LOI) next month on the 11th for a solar power plant located in Imperial County, California, USA. The acquisition plan involves KEPCO acquiring 100% of the shares alone, not as a consortium. After conducting an economic feasibility assessment and on-site inspection, KEPCO plans to complete the acquisition process by May this year.

The solar power plant KEPCO is pursuing to acquire is a large-scale facility with a capacity of 89MW. Considering that 30MW can supply electricity to about 10,000 households, this plant can handle approximately 30,000 households. The plant is also equipped with a 200MW-class ESS. By utilizing the ESS, solar energy, which is difficult to produce electricity at desired times, can be stored and used when needed. The site area of the power plant is 1,214,000㎡ (about 367,000 pyeong). The plant is still under construction and is expected to be completed as early as the second half of next year.

If this deal is successful, it will be KEPCO's third solar power plant acquisition in the United States. Previously, KEPCO entered the U.S. market for the first time by acquiring a 30MW solar power plant in Colorado in 2017, but withdrew from the business after three years due to deteriorating profitability.