SEOUL, Dec. 3 (Yonhap) -- Daelim Energy Co., a South Korean energy firm, said Monday it has secured a US$180 million solar power project in Chile from Spanish company Grenergy Renovables.
The project involves Daelim Energy investing $50 million and raising the remainder through project financing. The company will be operating solar power plants that generate a combined annual 105 megawatts of electricity over 25 years.
A construction unit of Grenergy Renovables will gradually build a total of 12 solar power plants in Chile starting December 2018 in an engineering, procurement and construction contract with Daelim Energy, a company spokesman said by phone.
The Chile project is Daelim Energy's first overseas investment in a solar power business. It aims to explore solar power business opportunities in Latin America, the statement said.
Daelim Energy businesses range from liquefied natural gas and coal-fired plants, and renewable energy fields, such as wind power and solar power generation, it said.
Daelim Industrial Co. owns a 70 percent stake in Daelim Energy and the remaining 30 percent is held by Daelim Corp. They are affiliates of Daelim Group, a construction-to-petrochemicals conglomerate.
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