US$340 Mil. Revenue Expected
Korea Electric Power Corp. (KEPCO) has completed a financing contract for a photovoltaic power generation project in Guam, the United States, which will cost US$200 million.
KEPCO announced on May 13 that it has minimized financial burdens for the Guam Solar Project by securing funding through project financing (PF). Mizuho Bank of Japan and Korea Development Bank (KDB) participated in the project as creditors. KEPCO does not need to provide a separate repayment guarantee.
The Guam Solar Project is designed to build and operate a 60 MW solar power plant and a 32 MW energy storage (ESS) power plant in Mangilao, Guam. They will be completed and go into commercial operation in 2021.
KEPCO won this project through an international tender and signed a long-term power sales contract with the Guam Power Authority (GPA). KEPCO expects about US$340 million in revenue in the future.