KOMIPO Wampu SHPP

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Korea Midland Power Co., Ltd. (KOMIPO) and POSCO Engineering Co. Ltd. (formerly known as Daewoo Engineering) developed the 45MW Wampu small hydropower plant (run-of-river), Northern Sumatra. PT Mega Power Mandiri reportedly also participated in the project. The plant was to be operated by Wampu Electric Power (project company), for 30 years. Commissioning was expected for 2015. Output was sold to Pursahaan Listrik Negara (PT PLN) under a PPA signed in April 2011. The project was to sell power under a 30 year PPA with the state utility PLN. The price of power for the duration of the contract was to be USD 0.0723/kWh. The project required 42km of new transmission lines, developed by the sponsors. EPC contract was awarded to POSCO Engineering & Construction (Formerly known as Daewoo). The project reached financial closure in January 2012, with the Export-Import Bank of Korea (Korea Eximbank) and Sumitomo Mitsui Banking Corporation. The Eximbank provided US$72 million in financing, SMBC provided US$58 million. Total project cost was US$174 million. Tenor was 16 years and 4 months. The project applied for UNFCCC CDM financing. The legal advisor was Norton Rose Group, as well as Milbank, Tweed, Hadley & McCloy LLP. The project holds a business viability guarantee letter (BVGL) from the Ministry of Finance, under 2011 regulations. http://www.nortonrose.com/news/69007/norton-rose-advises-pt-wampu-electric-power-on-45mw-hydro-energy-project-in-north-sumatra-indonesia http://www.projectfinancemagazine.com/Article/3070003/Wampu-hydro-rolls-out-new-PLN-backstop.html http://www.koreaexim.go.kr/en/bbs/noti/view.jsp?no=10124&bbs_code_id=1316753474007&bbs_code_tp=BBS_2