The venture plans to acquire or buy 24 power plants, which will have a combined 9.33 million kilowatt capacity, and develop nine coal mines in the northwestern Chinese province of Shanxi over the next 50 years, Yonhap news agency and other papers reported.

KEPCO will cover 34 percent of the investment, or 430 billion won ($466 million), while China's Shanxi International Electricity Group and Deutsche Bank will fund 47 percent and 19 percent respectively, according to the reports.

KEPCO was not immediately reached for comment.

Shanxi is one of China's major energy bases, with its coal reserves accounting for one third of China's total coal deposits.