Oct 8 2010
The Korea East-West Power Company Limited has recently acquired a US clean energy company from Marubeni Corporation. The dealing is EWP’s first such venture in the USA and first of its kind of investment by a Korean power production company in electric power production in the US.
The new company named as EWP Renewable Corp currently has 70 MW of clean energy power production facilities. The company has three biomass power production plants and a natural gas power cogeneration facility situated in states such as California, New Hampshire and New York. EWP is looking forward to utilize the take-over opportunity to improve its power business in the United States.
Mr. Gil-Gu Lee, EWP’s President and CEO, has expressed excitement about the acquisition and said that his company will be on the look out for more business opportunities to grow and to make its presence felt in the US. Terry Williams, EWP Renewable Corp’s President and CEO said that the employees are happy to be a part of EWP family and the company will be on the lookout for new developments and chances for growth in the US clean energy market.
The EWP Renewable with less than 100 employees at its US operations is expected to persist with its objective of augmenting its renewable energy production and improving its competence. The company looks forward to achieving 375,000 MWh of clean energy production by the end of the year 2010. EWP Korea possesses and controls over 9,500 MW of power production facility in Korea and is constructing two additional units to produce 1,000 MW power. The company is keen to expand and take part in projects in countries such as Chile, Haiti, Philippines, Indonesia, Guam and Vietnam.