Sept. 11 (Bloomberg) -- Korea Midland Power Corp. joined a Thai renewable energy project to build an 8 megawatt solar power plant in the Southeast Asian country, according to the unit of Korea’s monopoly power distributor.
Korea Midland signed a contract yesterday with Toyo-Thai Corp. PCL, a Thai construction company, and Siam Steel Grating Group, a Thai utility equipment maker, to build the solar farm in Ang Thong, one of the central provinces of Thailand, the Seoul-based company said in a statement today.
The project will receive a 10-year subsidy of 8 baht (26 cents) per kilowatt-hour, and include the sale of power to the Provincial Electricity Authority of Thailand, the statement said. Investment estimates and time schedules weren’t provided.
South Korea’s power utilities are committing to boosting the use of renewable energy after the government imposed a mandatory quota this year to cut carbon emissions.
Korea Midland forecast the Siam project will be counted as its commitments to the use of renewables, according to the statement.
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