Korea‘s state-run utility provider Korea Electric Power Corporation said Wednesday that the company will invest $50 million in a power plant project in Malaysia.
Together with partner company Tadmax Resources, Kepco will build a 1,300-megawatt combined-cycle gas-fired power plant in Pulau Indah, 60 kilometers southwest of Kuala Lumpur.
With the $50 million investment, Kepco will hold 25 percent stake in the project, while Tadmax Resources is to hold the remaining 75 percent. The project is to cost $1 billion, with Kepco and Tadmax covering a combined 20 percent.
The project is subject for final approval from the Malaysian government in the third quarter of 2018.
If approved, the two companies would start construction in late 2019 with expectations to complete it by 2023, officials said.
Kepco expects to log 3.6 trillion won ($3.2 billion) in revenue through 21 years of operation of the power plant, they added.
By Shim Woo-hyun (firstname.lastname@example.org)