Daelim will make inroads into Pakistan’s Lower Spat Gah waterpower generation market together with Korea Midland Power. Daelim Vice Chairman Kim Yun signed an MOU for hydropower plant construction and operation at the head office of Korea Midland Power in Daechi-dong, Seoul on Tuesday, March 5.
As the first public private partnership propelled by Pakistan’s government, the project seeks to construct and operate a 500MW hydropower plant. Total project cost is USD 1 billion; currently, Pakistan’s government holds a 26% stake in the project, Korea Midland Power, 34%, Daelim, 14%, Lotte Engineering & Construction, 6%, and POSCO Engineering, 2%.
Of the total project cost, the construction amount is projected to be USD 750 million; Daelim’s construction stake is 63% (USD 470 million). The project is slated to commence construction in January 2016 and will be completed in December 2021.
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