DL Energy announced today that it has completed the acquisition of a stake in the Competitive Power Ventures Fairview natural gas combined cycle power plant (CPV Fairview) in the US.
After signing a stock sale contract for a 25% stake in the power plant in December last year, the company completed the final acquisition process with approval from the US Federal Energy Regulatory Commission (FERC) in early March.
This investment is DL Energy's second acquisition of a combined cycle power plant in the United States following the investment in the Niles natural gas combined cycle power plant in 2019.
The CPV Fairview is a 1,055MW natural gas combined cycle power plant located in Pennsylvania. It can produce electricity that can be used by more than 1 million households, and it has excellent thermal efficiency by using GE's latest generation generator.
Based on its excellent cost competitiveness, it is performing the role of base power generation by recording a high priority in the power exchange where the power plant is located.
A power plant with a higher priority can be operated preferentially even with a small power demand, thereby securing stable sales and profitability.
Since its establishment in December 2013, DL Energy has secured 14 power plants with a total power generation capacity of 6.9GW.
Of this, about 77%, or 5.3GW, is strengthening its position as a global private power generation developer beyond South Korea with overseas power generation capacity.
It is successfully entering not only advanced markets such as the US and Australia, but also developing countries such as Pakistan, Bangladesh, Jordan and Chile. In addition to natural gas combined cycle power plants, it has abundant experience in developing new and renewable energy power plants such as wind power, solar power, and biomass.
“DL Energy has established itself as a recognized independent power generation developer not only in Korea but also in the global market,” said DL Energy CEO Jeon Byung-wook. “The company plans to continue investing by selecting good assets that are expected to be profitable and stable in the US private power generation market.”
