December 6, 2007 (Businessweek) 

State-run Korea Electric Power Corp. said Thursday it will take a 34 percent stake in a $1.34 billion Chinese joint venture that will develop coal mines and buy and build power plants over the next five decades.

Kepco will “acquire 15 power plants, build nine power plants and develop nine coal mines in Shanxi, China,” as part of the joint venture, the state utility said.

Other partners in the Gemeng International Energy Co. joint venture will be China’s state-run Shanxi International Electricity Group with 47 percent and Deutsche Bank with 19 percent.

Gemeng received Chinese government approval for its projects in April this year.

The 24 power plants will have a combined capacity of 9.33 million kilowatts and the nine coal mines are expected to produce 60 million metric tons of coal a year.