Mirae Asset Global Investments Co. has launched a private equity fund worth $175 million to acquire the Claude "Bud" Lewis Carlsbad Desalination Plant, a desalination plant in Carlsbad, California.

According to industry sources on Monday, Mirae Asset Global Investments has invested $175 million into the Carlsbad desalination plant in California, the United States.

To purchase the plant, the company launched a fund that invests in the property, which was then acquired by NH Investment & Securities, Hana Financial Investment and Yuanta Securities Korea.

The three Korean brokerage firms have sold down the equity investment to the Korean Teachers’ Credit Union for $130 million and Hanwha General Insurance for $30 million.

Investors did not disclose the expected yield but expect a handsome return on the desalination project by the San Diego Country Water Authority. The investment period is 20 years.

Mirae Asset Global Investments is finalizing the acquisition of the desalination plant. The plant will continue to be managed by the current operator.

By Pulse

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