Utility scale solar project in the United States, led by Korean asset manager EIP Asset Management, is set to begin full-scale construction after securing a long-term power purchase agreement with leading global Fortune 500 companies. The project is considered symbolic not only because it is the result of the Korea One Team, a collaboration of public and private sector investment, but also because it is the first case of a global financial group securing full underwriting for a power plant project led by a domestic asset manager.

According to the investment banking (IB) industry, the EIP-PIS Lucy Fund recently completed a financial closing and issued the Notice to Proceed (NTP) for the 455MWdc solar power plant in Concho County, Texas, and has commenced construction. Construction is expected to be completed in 2027.

The EIP-PIS Lucy Fund, led by EIP Asset Management, was launched in August 2023 with the Korea Overseas Infrastructure and Urban Development Corporation (KIND), Hyundai E&C, PIS Fund, SK EcoPlant, Topsun, and other Korean public and private companies and policy funds as investors.

 

Source: Chosun Biz