SEOUL: A consortium grouping Korea Electric Power Corp. (KEPCO) and Japan's Sumitomo Corp. has signed a $1.43 billion deal to build a thermal power plant in the United Arab Emirates, the South Korean firm said Wednesday.Under the deal with the Abu Dhabi Water and Electricity Authority the consortium will construct a gas thermal power plant in Shuweihat city, 260 km 162 miles west of Abu Dhabi, KEPCO said in a statement.
It will raise funds through borrowing from South Korean, Japanese and other foreign banks by May and the plant will be completed in March 2014.
The costs will be recovered by selling electrity produced at the plant to Abu Dhabi Water and Electricity Co, a wholly owned unit of ADWEA, for 25 years.The consortium was picked as preferred bidder for the plant last October.A KEPCO led consortium also won a $20.4 billion deal in 2009 to build four nuclear power plants in the UAE.
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