4 April 2003 - The Korea Electric Power Corp. (Kepco) said Friday it will set up a thermal plant in the Philippines.
Its Philippine unit Kephilco signed a memorandum of understanding for the construction of a 100 MW power station Thursday with the state government of Panay.
It will be Kepco's third power generation project in the island country, with two generators already in operation. The state-run electricity producer will begin the site selection process for the new plant in mid-April.
The project, into which the firm will inject a total of $100m, will be based on a build, own & operate system, giving Kepco the right to operate the plant for 25 years. It expects a 15-per cent yield from its stake in the new facility.
In the memorandum, the state government vowed to provide strong support to the project.