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South Korea

South Korea

US firm acquires share in Korean developer

US firm Darby Overseas Investments says its Korea Emerging Infrastructure Fund (KEIF) has acquired 32.4% of Gangwon Wind Power (GWP), the South Korean firm behind the 98 MW Gangwon wind farm of Vestas 2 MW turbines, completed in 2006 in Pyeongchang county, in north-eastern South Korea. "We basically bought out one local investor," says Darby's Woonki Sung. "Darby is now the single largest shareholder." Darby says it sees GWP as well positioned to develop additional Korean wind capacity, but has no immediate project plans. KEIF is jointly managed by Darby and Hana Bank, a leading Korean financial institution. Darby invests in emerging market infrastructure for energy, transportation, telecommunications, waste management and water treatment. Last year a separate arm of the company, Darby Asia Mezzanine Fund II, invested $17.8 million in India's Bhoruka Power Corporation, which has interests in wind projects.

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