Darby Overseas Investments acquires 32.4 per cent stake in Gangwon Wind Power
12th January 2009
Darby Overseas Investments, the private equity division of Franklin Templeton Investments, has acquired a 32.4 per cent stake in Gangwon Wind Power through its Korea Emerging Infrastructure Fund.
GWP was set up in 2001 to build a wind farm in Gangwon Province in Korea, which is now the largest of its kind in Asia.
David Hudson, Darby’s senior managing director, said, ‘This is a highly attractive investment for an infrastructure fund such as KEIF. By virtue of its size, GWP is in a strong position to expand even further by re-powering existing wind turbines or developing additional capacity. Of all renewable energy sources, wind power is one of the most efficient in terms of cost per unit of electricity generated.’
GWP is estimated to own more than half of Korea’s total installed wind power capacity.
KEIF is jointly managed by Darby and Hana Bank, one of Korea’s financial institutions. It closed to new investors in 2006 at a total of KRW 580 bn in committed capital. KEIF makes private equity investments in, and extends mezzanine loans to, private companies engaged in a broad range of activities in the Korean infrastructure sector, including renewables, transportation, environment, logistics, energy and utilities.
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