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KEPCO wins 2 new renewable energy deals in Saudi, Guam

November 15, 2024

The state-run Korea Electric Power Corp. (KEPCO) said Friday it has secured new renewable energy deals in Saudi Arabia and Guam, expected to lead to over 1 trillion won (US$717.1 million) in sales over the next 25 years.

A consortium of KEPCO and Masdar, an energy firm from the United Arab Emirates, won a bid for a project led by the Saudi Power Procurement Company, under the Middle Eastern country’s national renewable energy program.

The project expected to cost 1.5 trillion won is aimed at constructing a 2-gigawatt solar power plant about 523 kilometers north of Riyadh to supply electricity in the region for 25 years, according to the Korean company.

In a separate deal, KEPCO secured a contract to build a 132-megawatt solar farm equipped with an energy storage system in Guam by 2027, and sell electricity to the local power authority for a 25-year period. The project was clinched as part of a consortium that includes other Korean firms, such as Samsung S&T Corp.

The company expects its sales from the two new deals to reach a combined 1.14 trillion won over the next 25 years, according to its officials.