[THE INVESTOR] NongHyup Financial Group has invested 270 billion won ($US229.5 million) in an American gas power plant, its biggest global investment to date, according to local news media on June 27.

Group chairman Kim Yong-hwan said the organization made the loan investment in Newark Energy Center, located in New Jersey. The construction of the 655mv-scale power plant was completed in September 2015.

The investment was made via a 350 billion won fund collected by JB Asset Management. NH Investment & Securities, NongHyup Life Insurance and NongHyup Agricultural Cooperative Federation invested 150 billion won, 73 billion won and 50 billion won, respectively.

The loan maturity is seven years, at interest rate of 5.14 percent.

Since Kim took office, the organization has stepped up its efforts to expand its global business, adding a brand-new department last year that oversees global investing strategies.

Along with making the investment in the US, the group is launching a loan leasing company and an Internet small loan firm in China at the end of the year.

“We are making a significant progress in our global business,” Kim said. “We are also working on various social overhead capital projects in many countries.”

NongHyup is also making inroads in Myanmar, Vietnam and Indonesia.

(theinvestor@heraldcorp.com)