SEOUL, Sep. 17 (Korea Bizwire) – Korea’s construction contractors are moving in Africa in droves. Following the groundbreaking ceremony to build a US$160-million bridge linking Botswana with Zambia won by Daewoo Engineering & Construction, POSCO Engineering & Construction landed a deal to build a gas-fired thermal power plant in Nigeria worth $1.14 billion.
POSCO E&C said on September 12 that it signed an EPC (engineering, procurement, and construction) deal with Ebonyi Independent Power Plant Ltd. at its headquarters building in the Songdo Business District. Under the terms of the contract, the Korean company will build a 2,500-megawatt power plant in the Ebonyi Province about 300 kilometers south of Abuja, the Nigerian capital. The length of the construction will be 28 months.
In a highly populous country of 175 million, the Nigerian government set an ambitious plan to increase its electric power generation capacity to 40,000 megawatts by 2020 from current 65,000 megawatts.
YeonGyu-sung, POSCO E&C energy business division head, said, “The potential for the power plant market in Africa is limitless. With the latest order winning as a momentum, we plan to aggressively expand our reach to the Sub-Saharan African market.”
At the signing ceremony, 300 officials and dignitaries including Ebonyi Independent Power Plant CEO Terry Moreland, Ebonyi IPP president FaraiManjengwa, Ebonyi Provincial Government public works director Benjamin Okah, Goheung County head Park Byung-jong, and POSCO E&C energy division head YeonGyu-sung were in attendance.
By Sean Chung (firstname.lastname@example.org)