Korea East-West Power acquires unnamed U.S. company from Marubeni with 70 MW of clean energy production, including three biomass plants, renames the company EWP Renewable; acquisition is company's first in U.S.
October 4, 2010
– The Korea East-West Power Company Limited ("EWP") of Seoul, South Korea purchased a US renewable energy company from Marubeni Corporation effective September 30, 2010. This transaction represents EWP's first investment in the United States, and the first direct investment in US electricity production by a Korean power generation company.
The acquired company, renamed EWP Renewable Corp., has an operating portfolio totaling 70 megawatts of clean energy production, consisting of three biomass power plants and one natural gas cogeneration power plant located in California, New Hampshire and New York respectively. EWP Renewable Corp. and its dedicated staff of just under 100 US employees will continue their goal of increasing production of renewable energy and improving efficiency, and they anticipate finishing 2010 with their highest production ever of over 375,000 megawatt hours of clean renewable energy.
EWP owns and operates more than 9,500 megawatts of power generation facilities in Korea with an additional two new units totaling 1,000 megawatts under construction. EWP has also been actively expanding its activities internationally, by participating in various projects in Haiti, Indonesia, Vietnam, Guam, Philippines, Chile and other countries. EWP regards this acquisition as a foundation to expand its power business in the United States.
After the signing of Share Purchase Agreement, Mr. Gil-Gu Lee, President & CEO of EWP stated, "We are very excited about this transaction and I am so sure that EWP will keep growing its presence by participating in more business opportunities in the States."
Mr. Terry Williams, President & CEO of the EWP Renewable Corp. added his strong support of the acquisition and stated, "All of our employees are very excited about becoming part of the EWP family and we look forward to new growth opportunities for our company in all areas of the US energy market."