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Mon, March 8, 2021 | 03:03
Business
POSCO Energy mulls over setting up investment firm
Posted : 2015-05-11 17:20
Updated : 2015-05-11 18:03
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By Park Jin-hai

POSCO Energy is considering establishing a joint investment firm with the National Pension Service (NPS) to prop up its overseas investment projects.

According to the proposed deal under consideration, POSCO Energy, the NPS and other investors would raise 570 billion won for the investment fund, officials said.

The NPS is considering investing 400 billion won and POSCO Energy 170 billion won, officials said.

An NPS official said, "We are reviewing the establishment of the investment fund. The talks are in the initial stage and we have yet to fix exact investment amounts."

The official declined to be named.

Separately, a POSCO Energy official said, "We are discussing the possibility of establishing a joint investment firm. But, it is too early to comment on the details of the deal with NPS."

When the deal is closed, financial investors will provide 70 percent of funds required to set up a special purpose corporation for the construction of overseas power plants, and POSCO the remaining 30 percent.

The investors in return will receive preferred shares for the established firm, and POSCO Energy will secure common shares to hold management rights.

It will be a win-win strategy for POSCO Energy to gain the management rights to plants it plans to build overseas. For the NPS, the investment would create stable sources of revenue.

POSCO Chairman Kwon Oh-joon has stressed the steelmaker will focus on its core material and energy businesses for its growth engine.

POSCO Energy is two axis of the group's energy business together with Daewoo International.

POSCO Energy has spent 4 trillion won in building power plants here since 2010.

Emailjinhai@koreatimes.co.kr Article ListMore articles by this reporter









 
 
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