Korea Midland Power Co. (KOMIPO) said it signed a joint development agreement (JDA) on the Sipborpa Hydropower Project in Jakarta, Indonesia on March 14.
The event was attended by Chung Chang-kil, president of KOMIPO, Kim Jae-moo, PT.BS Energy, Ade Rusdy, president of PT. Sinar Toba Energy, and Dr. Park Seung-woo of Dohwa Engineering among others.
Through this agreement, KOMIPO will carry forward a 114 MW additional hydropower projects in northern Sumatra with PT. BS ENERGY, a local Indonesian company that is participating in the Wampu (45 MW) and Tangamus (55 MW) hydroelectric projects, and PT. Sinar Toba Energy and Dohwa Engineering.
The Sipborpa Hydropower Project is to construct and operate a hydroelectric power plant with a capacity of 114 MW (38 MW x 3 units) with a total project cost of approximately US$420 million. The Indonesian government guarantees the project. The sales contract will be concluded with PT. PLN and sales will be carried out in a BOOT (Build, Own, Operate and Transfer) method.
If the project is successfully implemented, KOMIPO will operate power generation facilities with a total capacity of 3,900 megawatts equivalent to four nuclear power plants including the Chirebon 1 (660 MW) Power Plant in Indonesia.
“We will increase Korean companies’ exports and create sustainable profits such as securing new growth engines by participating in all business sectors such as EPC, O&M, and financial support based on hydropower projects such as Wampu and Tangamus which are successfully carried out in Indonesia,” said Chung Chang-kil, president of KOMIPO.