DL Energy Completes Acquisition of Stake in Fairview Power Plant in the US

Acquisition of Second Combined Cycle Power Plant in the US
1,055MW Natural Gas Power Plant

View of the Fairview Power Plant in the United States. (Photo by DL Energy)

[Asia Economy Reporter Moon Chaeseok] DL Energy announced on the 15th that it has completed the acquisition of shares in the Fairview natural gas combined cycle power plant in the United States.

Following the signing of a stock purchase agreement (SPA) for 25% of the power plant shares in December last year, DL Energy stated that it finalized the acquisition process earlier this month after receiving approval from the U.S. Federal Energy Regulatory Commission. The Fairview power plant, which began commercial operation in December 2019, is a 1,055 MW (megawatt) natural gas combined cycle power plant located in Pennsylvania. According to DL Energy, the plant can produce electricity sufficient for over one million households. It also features high thermal efficiency by using the latest generation power generation equipment from General Electric (GE) in the U.S.

Based on excellent cost competitiveness, the power plant ranks high in the dispatch order at the power exchange where it is located, thus serving as a baseload power plant. The company explained that power plants with higher dispatch rankings can operate preferentially even with low electricity demand, securing stable sales and profitability.

This investment is DL Energy's second acquisition of a combined cycle power plant in the U.S., following its investment in the Niles natural gas combined cycle power plant in 2019. Jeon Byungwook, CEO of DL Energy, said, "We are strengthening our position as a global private power developer beyond Korea," and added, "We will continue to select and invest in good assets in the U.S. private power market that are expected to have profitability and stability."

Since its establishment in December 2013, DL Energy has secured a total of 14 power plants with a total generation capacity of 6.9 GW (gigawatts). Of this, 5.3 GW (76.8%) is overseas generation capacity.

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