"PowerGen has acquired a 49.9% stake in South Korean independent power company, LG Energy Co Limited, for an equity investment of £38m".
LG Energy, which is owned by four companies of the LG Group, the 4th largest industrial conglomerate in South Korea, is developing a 528MW gas fired CCGT plant 120 km from Seoul for a total cost of £209m. In July 2000, the power station will be the first of South Korea's 4 pioneering IPP projects to begin generating. The project site has space for up to 4000MW of generating capacity.
This initial investment gives PowerGen a platform in the South Korean electricity market as the Government considers plans for industry restructuring and privatisation".
(PowerGen Press Releases, "LG Energy deal gives PowerGen South Korean foothold", 09/02/99)
Because of a strategic redirection of PowerGen into an Anglo-American energy company, LG&E Energy Corp. (LG&E), in October 2000, it completed the sale of its 49.9 per cent shareholding in LG Energy, for £35 million. (Annual Report 2000, PowerGen)