In October 1996, through a 75% owned subsidiary, IPC entered into a joint venture with Samsung Deutschland A.G. ("Samsung") to acquire Karaganda GRES 2 ("K2"), a 608MW coal-fired plant located in Karaganda, Kazakhstan. Having acquired the plant, IPC set about improving operating performance and the efficiency of the staff. Previously loss-making, it was returned to profit within a six month period through the judicious use of credit-worthy PPAs denominated in US dollars.