Korea Midland Power Co. (KOMIPO) has signed a joint development agreement (JDA) for the development of the Sipborpa Hydropower Project in Jakarta.
The project involves the construction and operation of 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. The hydropower project 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.
Chung Chang-kil, president of KOMIPO, said:
"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."