The power plant will be located in Mangilao, Guam, and aims to provide ongoing, positive economic benefits to the island
DENVER, May 17, 2022 -- Foss & Company, a leading institutional investment fund sponsor, announced today that it closed on a tax equity partnership with Korea Electric Power Corporation (KEPCO) for approximately $50 million of investment. The investment will fund Mangilao Solar, a 60 MWdc photovoltaic power plant with a 32 MWh battery energy storage system located in Mangilao, Guam.
"Foss & Company is proud to partner with KEPCO on this impactful solar power plant," said Bryen Alperin, Director of Renewable Energy & Sustainable Technologies, Foss & Company. "Currently, Guam mostly relies on fuel oil and diesel for its gross electric generation. Once operational, the solar power plant will expand access to low-cost clean electricity for the island of Guam.”
KEPCO Mangilao Solar, a subsidiary of KEPCO located in Guam, started construction on the project in 2020 and expects it to achieve commercial operation in 2022. Foss & Company and KEPCO look forward to continued partnership to expand their renewable energy portfolio.
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $7 billion in tax equity on behalf of insurance, banking, and other large corporate clients into tax credit enhanced transactions including historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise navigating the world of tax equity investments. For additional information, visit www.fossandco.com.
About Korea Electric Power Corporation
Founded in 1898, Korea Electric Power Corporation (KEPCO) is a state-owned integrated electric utility in South Korea. It is one of the world's top 10 power providers with generation capacity of 82.5GW using nuclear, thermal, renewable and other sources. It also transmits and distributes electricity with world's best T&D efficiency, and performs global business in 25 countries as of Dec. 2021. For additional information, visit www.kepco.co.kr.