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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

SK E&C inks LOI with Philippines on power plants

  • PUBLISHED :June 15, 2018 - 13:57
  • UPDATED :June 15, 2018 - 13:57
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[THE INVESTOR] Korean construction firm SK Engineering & Construction said on June 15 that it has signed a letter of intent with the Philippine government to build two coal-fired power plants.

SK E&C said it has proposed that its consortium build two 600-megawatt power plants in Quezon province and that its partner operates the plants and sells electricity to a Philippine company for 25 years. SK E&C said it will later decide whether to sell the power plants.

The company said the letter of intent on the project worth 2.2 trillion won (US$2 billion) was signed in a business forum in Seoul on June 5 that was attended by Philippine President Rodrigo Duterte.

Duterte visited Seoul earlier this month for talks with Korean President Moon Jae-in. The two agreed to enhance their countries’ bilateral relations and expand economic cooperation.

The Philippine government is set to conduct an environmental impact assessment of the proposed power plants, SK E&C said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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