Kepco secures projects worth 1 trillion won in Saudi Arabia, Guam

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Kepco secures projects worth 1 trillion won in Saudi Arabia, Guam

Published: 17 Nov. 2024, 17:57

Korea Electric Power Corporation's headquarters in Jung District, central Seoul [NEWS1]

The state-run Korea Electric Power Corporation (Kepco) said Friday it has secured new renewable energy deals in Saudi Arabia and Guam, expected to lead to over 1 trillion won ($717.1 million) in sales over the next 25 years.

A consortium of Kepco and Masdar, an energy firm from the United Arab Emirates, won a bid for a project led by the Saudi Power Procurement Company under the Middle Eastern country's national renewable energy program.

The project, expected to cost 1.5 trillion won, is aimed at constructing a 2-gigawatt solar power plant about 523 kilometers (325 miles) north of Riyadh to supply electricity in the region for 25 years, according to the Korean company.

In a separate deal, Kepco secured a contract to build a 132-megawatt solar farm equipped with an energy storage system in Guam by 2027, and sell electricity to the local power authority for a 25-year period. The project was clinched as part of a consortium that includes other Korean firms, such as Samsung S&T.

The company expects its sales from the two new deals to reach a combined 1.14 trillion won over the next 25 years, according to its management.

Yonhap