Wuzhi No.1 Power Station

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State-run electric utility company Korea Electric Power Corp. (KEPCO) made its first inroads to China's electricity market in August of 2003 when the company signed a 20-year joint investment contract to build two 50-MW combined cycle coal-fired power plants in Wuzhi (Wozhi), a small town in Henan Province. The project was being developed by the Handian Wuzhi Power Generation Co., a 70:30 cooperative joint venture established in August 2003 between Kepco and the Wuzhi No. 1 Thermal Power Co. KEPCO began construction of the coal-fired plants in December 2003 and aimed to complete the project by October 2005. The plants were to feature pollution-free fluidized bed combustion boilers. The cost of the plants were estimated at Rmb 650 million (US$78.5 million). KEPCO contributed US$13.66 million in equity and US$5.86 million came from its state-owned partner while the rest of the project was financed through loans extended by the Agricultural Bank of China. None None