One of the world's largest solar power companies Canadian Solar finalized the sale of its interests in three solar photovoltaic projects totaling 235 megawatts (MW) to the Korea Electric Power Corporation (KEPCO), the company announced on Tuesday.
South Korea's largest electric utility KEPCO, which has an installed capacity of 79 gigawatts (GW), acquired the interests in the Astoria, Astoria 2 and Barren Ridge projects located in southern California.
This transaction marks KEPCO's largest investment in the U.S. solar market, the company said, adding that KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund also known as COPA Fund, to make the acquisition.
"These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio," Bong-soo Ha, executive vice president and chief global business officer of KEPCO, was quoted as saying.
By Ebru Sengul