Korea Hydro & Nuclear Power Signs Agreement to Acquire Stakes and Jointly Develop Four Onshore Wind Farms in the US

Korea Hydro & Nuclear Power's First Entry into the North American New and Renewable Energy Market... "Stable Profits Expected for the Next 25 Years"

The Prairie Breeze power complex with a capacity of 201MW in Nebraska, USA, in which Korea Hydro & Nuclear Power has acquired shares. (Photo by Korea Hydro & Nuclear Power)

[Asia Economy Reporter Moon Chaeseok] Korea Hydro & Nuclear Power (KHNP) is entering the North American new and renewable energy market for the first time since its establishment.

On the 1st, KHNP announced that on the 28th of last month, a consortium consisting of KHNP, Alpha Asset Management, Spratt Korea, Hana Financial Investment, and Korea Investment & Securities signed a joint development agreement for overseas new and renewable energy projects at the Plaza Hotel in Seoul.

The Korean consortium signed a contract to acquire a 49.9% stake in four large-scale onshore wind power complexes located in Illinois, Nebraska, and Texas from Brookfield Renewable and Invenergy.

The consortium agreed to cooperate in the joint development of overseas new and renewable energy projects going forward.

The power complexes in which the stake was acquired this time are California Ridge (226MW) and Bishop Hill (218MW) in Illinois, Prairie Breeze (201MW) in Nebraska, and Rattlesnake (207MW) in Texas.

These power complexes already have several years of operational performance.

Since long-term power purchase agreements with power purchasers and long-term plant management and operation contracts with world-class operation and maintenance (O&M) companies are in place, KHNP expects stable investment returns for the next 25 years.

KHNP, entering the North American new and renewable energy market for the first time, participated as a strategic investor (SI), playing a key role in securing the Korean consortium’s status as the preferred negotiator and the success of the project.

KHNP plans to establish a local subsidiary in the United States and expand its investment in overseas new and renewable energy projects.

Jung Jae-hoon, President of KHNP, said, "The acquisition of stakes in U.S. onshore wind power projects will be a meaningful case of successful entry into the overseas new and renewable energy market through the synergy effect between KHNP and domestic financial institutions," adding, "This project has strengthened the foundation for KHNP to transform into a comprehensive energy company."

President Jung also stated, "We will actively expand overseas new and renewable energy projects by signing joint development agreements going forward."

This content was produced with the assistance of AI translation services.