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[Apha Biz=(Chicago) Reporter Paul Lee] "There are about KRW 30 billion in losses, but we are currently in a lawsuit and we are trying to recover the full amount," said Chung Young-chae, president of NH Investment & Securities, regarding investment in Japanese solar power plants.
NH Investment & Securities established EIP investment infrastructure's No. 1 private equity investment joint venture with investment advisory firm Energy Innovation Partners in 2019 and invested in a 47-megawatt solar power plant in Shimane Prefecture, Japan.
The plant was refused to invest by the international bank after heavy snow destroyed the plant's structure in 2021, citing defects in the structure, and an investment corporation later applied for arbitration with the International Chamber of Commerce and Industry, but it was not accepted.
"We invested a total of 83.8 billion won, but we concluded to recover 50 billion won through a lawsuit," CEO Chung said. "Although there are 30 billion won in losses, we are trying to recover the full amount through EIP asset management and lawsuits."
NH Investment & Securities is suing a Japanese court for the case and believes that if it wins, the entire investment can be recovered.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
