Korea Electric Power Corp. (KEPCO) has been awarded a project to build and operate an 89.1 MW-class wind power plant in the Fujeij area some 150 km south of Amman.
Im Cheong-won, head of the Overseas Business Division at KEPCO, signed a contract on the Fujeij Wind Project at a signing ceremony attended by Jordanian Minister Ibrahim Hassan Saif of Energy and Mineral Resources and President Al-Daradkah Abde Al-Fattah of the National Electric Power Co. (NEPCO) in Amman on Dec. 13.
KEPCO has become the first Korean company to sign an agreement to sell electricity from a new and renewable energy plant in a Middle Eastern country. KEPCO will be responsible for the construction and operation of the wind farm and selling of electricity generated from the plant to Jordan. The agreement also includes a power purchase agreement (PPA) that outlines the details of the utility company operating the plant and selling the power generated to Jordan.
The build, own and operate arrangement gives KEPCO complete control over all aspects of the project.
Construction will start next second half and the plant will be operational by the second half of 2018. And KEPCO will be allowed to operate the wind plant for 20 years, reaping an estimated $510 million (some 600 billion won) in proceeds from selling of electricity generated from the farm.
The project will cost about $180 million, which will be raised by a localized corporation, to be established by KEPCO, through a project financing supported by the Export-Import Bank of Korea. Vesta, a Danish company dedicated to wind energy, will be charged with the construction of the wind farm.
KEPCO President Cho Hwan-eik said, “KEPCO has been awarded this project again in success following our winning the 373MW-class Al Qatrana Combined Cycle Power Plant.project and the 573MW-class Amman Diesel-fired Power Plant, proving our capability in the power generation field.”
KEPCO President Calls for an Amendment to Allow KEPCO to Make an Inroad into Renewable Business
KEPCO President Cho Hwan-eik stressed the need for revising the Electric Business Act, allowing KEPCO to enter the new and renewable energy business sector.
KEPCO President Cho made the remarks at a meeting with reporters on as his three-year term will expire on Dec. 16. KEPCO marked one year after being relocated to the innovative city of Naju on Dec. 14. “The project to build the Bitgaram Energy Valley will be pushed as planned even though KEPCO changes its president.” Cho ruled out the possibility the project would lose ground if he is replaced. He emphasized that the project is the one new and renewable energy companies want to implement and KEPCO’s organization and systems will continue to support.
Explaining the outcomes of the one-year project, MOUs have been signed with 77 companied during the period, an unprecedented achievement, and the companies are in the process of purchasing sites and moving. As the project is put on the right track, more companies will be willing to move into the valley some day, he added.
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