Ecuador, South Korean Kosep to develop USD 70m wind farm
(ADPnews) - Nov 1, 2010 - Ecuador last week signed an agreement with South Korean electricity company Korea South-East Power Co Ltd (Kosep) to jointly develop Ecuador's USD 70 million (EUR 50.6m) Villonaco wind power project.
The 30 MW wind farm will be partially financed by South Korea's Export-Import Bank, which will disburse USD 40 million, while Ecuador will provide the remainder.
Ecuador and South Korea signed on Thursday a framework agreement for the development of electricity projects in Ecuador worth USD 1 billion, including wind power, photovoltaic, hydroelectric, thermoelectric projects and projects to reduce electricity losses.
Ecuador is negotiating three thermoelectric projects with South Korean shipbuilder Hyundai Heavy Industries Co Ltd (SEO:009540), electricity minister Miguel Calahorrano said. The company would build the plants and would finance 40% of their costs, estimated at a total of USD 800 million.