November 24, 2012 / 9:05 PM / 5 years ago

S.Korean consortium wins $1.06 billion Algerian power plant deal

SEOUL (Reuters) - A South Korean consortium has won a $1.06 billion deal to build a combined cycle power plant in Algeria, consortium member Daewoo International (047050.KS) said in a statement on Sunday.

Under the turnkey contract with the state-run Algerian Society of Electricity Production, the consortium consisting of Daewoo International, Hyundai Engineering HYENG.UL and Hyundai Engineering & Construction (000720.KS) will construct the 1,200-megawatt power plant in Algeria’s northeastern town of Ain Arnat, the Daewoo statement said.

    The power station will rise over a period of 39 months, it added.

    South Korean builders are competing with firms from China and Brazil for construction contracts in fast-growing Africa.

    On Monday, Daewoo International announced it had signed a $1.3 billion deal with the Kenyan Electricity Generating Company to build a 600-megawatt, coal-fired power plant.

    Reporting by Sung-won Shim, Editing by Sanjeev Miglani

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