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State-run Korea Western Power will co-invest with NH-Amundi Asset Management in a 240-megawatt wind farm project in Sweden.
According to the two firms' memorandum of understanding, they would build 56 wind turbines in Ange Municipality in northern Sweden within the year.
A 29-year sales contract has also been sealed for the project to provide power to an unnamed regional electricity market.
NH-Amundi has an undisclosed investment in the project through its infrastructure fund. At the same time, Korean Western Power will act as the deal's strategic investor, taking charge of the resulting asset's operation and management.
NH-Amundi has invested in midstream pipelines, new and renewable energy turbines, and terminals. As of Friday, its assets stand at 3.99 trillion won, the fifth biggest in terms of volume among Korean asset managers.
On the other hand, Korea Western Power is eyeing to establish up to 8-gigawatt capacity in overseas assets by 2030.
