DURHAM, N.C. and BUSAN, SOUTH KOREA — 8 Rivers Capital (“8 Rivers”) and Korea Southern Power Co., Ltd. (“KOSPO”), a leading public power generation company in South Korea with an established track record in the U.S. power market, today announced the execution of a Letter of Intent outlining the parties’ mutual intent to pursue a strategic partnership for the development, financing, and long-term operation of the Taylor Bayou Power Project, a proposed natural gas-fired combined cycle power generation facility in Port Arthur, Texas.
The Taylor Bayou Project is being developed by 8 Rivers and is expected to provide ~780 megawatts of reliable electric generation capacity to help meet growing power demand across Southeast Texas and the broader Gulf Coast region. The project has secured its place in the Midcontinent Independent System Operator (MISO) South interconnection queue.
The Taylor Bayou Project is being developed by 8 Rivers and is expected to provide ~780 megawatts of reliable electric generation capacity to help meet growing power demand across Southeast Texas and the broader Gulf Coast region. The project has secured its place in the Midcontinent Independent System Operator (MISO) South interconnection queue.
Under the Letter of Intent, KOSPO and 8 Rivers intend to work together toward a potential equity investment by KOSPO in the project, subject to due diligence, regulatory approvals, definitive agreements, and customary conditions. The parties also intend to evaluate opportunities for KOSPO to provide long-term operations, maintenance and asset management services. KOSPO intends to support project development activities as the project advances toward a final investment decision, demonstrating its commitment to advancing early-stage development while increasing its position in U.S.-based power plants.
“This represents a great milestone for Taylor Bayou and reflects the confidence that world-class infrastructure investors and operators have in the project,” said Damian Beauchamp, President & CEO of 8 Rivers. “KOSPO brings decades of experience developing, owning, and operating power generation assets around the world. Together, we are working to deliver a reliable, efficient, and economically competitive source of electricity that will support continued industrial growth and energy security in Texas.”
“KOSPO is pleased to collaborate with 8 Rivers on the Taylor Bayou Project,” said Haekoo Lee, Director of Overseas Business Strategy Department. “The project aligns with our long-term strategy of investing in high-quality power infrastructure opportunities and expanding our presence in the U.S. energy market. We look forward to working closely with 8 Rivers to evaluate and advance this important project.”
The Taylor Bayou Project is expected to create hundreds of construction jobs, generate substantial local economic activity, and provide long-term tax revenue benefits for the Port Arthur and Jefferson County communities. Located in one of North America’s most important industrial corridors, the project is designed to support increasing electricity demand driven by industrial expansion, manufacturing investment, and regional economic growth.
The parties emphasized that any future investment remains subject to completion of due diligence, execution of definitive agreements, receipt of required corporate and/or government approvals, and applicable regulatory reviews in both the United States and the Republic of Korea.
This announcement does not constitute a commitment to invest, finance, construct, own, or operate the Taylor Bayou Project. Any future transaction between the parties remains subject to execution of definitive agreements and applicable regulatory approvals.
About 8 Rivers
8 Rivers develops large-scale energy and infrastructure projects that deliver reliable, affordable, and sustainable power solutions. The company specializes in project development, commercialization, and strategic partnerships that support growing electricity demand and industrial development across North America.
About KOSPO
Korea Southern Power Co., Ltd. (KOSPO) is a leading South Korean power generation company with a diverse portfolio of domestic and international generation assets. KOSPO develops, owns, and operates power projects globally and maintains extensive experience across conventional and advanced power generation technologies. KOSPO has an established track record in U.S. power generation through its participation in two large-scale combined-cycle projects: the 1,085-megawatt Indeck Niles Energy Center in Michigan and the 953-megawatt Trumbull Energy Center in Ohio, both of which are in commercial operation.
Media Contacts
8 Rivers Capital
Nick Borisow
VP Business Development
[email protected]
919-667-1800
KOSPO
Chihwan Kim
Senior Manager
[email protected]
+82-10-6761-0428