KOMIPO wins new Hydro contract Indonesia
KOMIPO announced on May 5 that it has started construction of the Semangka Hydro Power Plant on Sumatra Island, Indonesia. This is the second development project in Indonesia, following the Wampu Hydroelectric Project in 2011.
Indonesia’s Semangka Hydroelectric Power Plant Project will have a construction period of two years and seven months from now and be completed in Sept. 2017. The project includes an electricity sales contract that the Indonesian government will guarantee, and its electricity board will purchase electricity. KOMIPO expects to turn over approximately 128 billion won (US$118.42 million) by selling electric power for nearly 30 years after the development.
KOMIPO believes that the two hydro power projects in Indonesia will become an opportunity for Korean small and medium sized companies to tap into overseas markets. Five small Korean companies, including POSCO Engineering and Haechang Construction Co., participated in the Semangka project.
From 2011, KOMIPO has also conducted support projects to construct and donate three elementary schools and small hydro power plants in the country after entering the Indonesian market.