(Reuters) - A South Korean consortium of Korean Midland Power Co Ltd (KOMIPO) and POSCO Engineering & Construction Co Ltd has won a $1 billion contract to build and operate a solar power plant in the United States, KOMIPO said on Thursday.
The solar power plant with a capacity of 300 megawatts will be located in the city of Boulder, Nevada, and be completed by December, 2014, a statement from the Korean utility said.
The statement added that POSCO Engineering will lead the plant construction, while KOMIPO will lead the operation and maintenance of the plant. The deal includes operating the plant for 50 years through 2064.
Local media said KOMIPO will hold a 30 percent stake in the project, while POSCO Engineering will hold 10 percent, and the remaining investment will come from private investors.
Reporting By Joonhee Yu; Editing by Jacqueline Wong