Sithe enters South Korea

Sithe Asia Holdings Ltd. has become the first foreign independent power producer in South Korea following its acquisition of a cogeneration plant from Hyundai Elec- tronics Industries Co. The two companies signed an asset purchase agreement in Seoul at the beginning of July.

Sithe Asia, an affiliate of Sithe Energies Inc., will purchase the 250 MW plant, which is located in Ichon. The plant provides steam and power to the adjacent Hyundai Electronics semiconductor and electronics production facility.