Posco E&C signs $300 million power plant deal in Peru

Posco Engineering and Construction, the construction arm of steel conglomerate Posco, said yesterday it has signed a $300 million deal with Peru’s Samay 1 S.A. to build a 720-megawatt gas thermal power plant.

The company will conduct the project in an EPC (engineering, procurement and construction) basis in Mollendo, about 1,055 kilometers (656 miles) south of Lima. The project is expected to take 26 months.

Posco E&C said that it would conduct the project along with Ecuador’s Santos CMI, which the company acquired in 2011. The builder said that the project shows its experience and technology because it won the order without having the lowest price.

Posco E&C is the first Korean builder to win an energy plant construction order in Peru. It won its first in 2009.

Reuters