Bakrie, Korean Company May Partner on Power Plants
February 18, 2010
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Energy
Bakrie, Korean Company May Partner on Power Plants
Korea East-West Power, a unit of South Korea’s biggest utility, and PT Bakrie Power may build $450 million worth of coal-fired power plants in Indonesia.
Korea East-West Power and Bakrie Power have signed a preliminary agreement to construct two 100 megawatt plants by 2013, the Seoul-based company said in a statement on Thursday.
Korea Electric Power Corporation and its units want to bolster their presence outside South Korea to diversify revenue sources. Korea Electric led a group in winning a $20 billion nuclear power project in the United Arab Emirates in December. Korea Midland Power, another unit of the state utility, is looking to build a hydropower plant in the Philippines.
Korea East-West and Bakrie may also operate the power plants for 30 years after the construction, according to the statement. Korea East-West will own 35 percent of the project and Bakrie will hold 60 percent. Bloomberg
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