Reuters reported that a South Korean consortium of Korean Midland Power Co Limited and POSCO Engineering & Construction Co Limited has won a USD 1 billion contract to build and operate a solar power plant in the United States.

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.

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% stake in the project, while POSCO Engineering will hold 10% and the remaining investment will come from private investors.

(Sourced from www.reuters.com)