S Korean firms forge $2.7b renewable energy deal

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SEOUL, Apr 15 (AFP): Two South Korean firms Tuesday announced a 2.7 billion dollar initial deal to build power plants capable of generating 960 megawatts of renewable energy by 2015.
South-East Power, a unit of state-run Korea Electric Power Corp, said it signed a memorandum of understanding with POSCO Engineering and Construction, a unit of steel giant POSCO.
This calls for a total investment of 3.6 trillion won (2.7 billion dollars), including loans, to develop renewable energy using winds and tidal currents, it said. Details of the terms were not given.
"The synergy will be great as the two firms will share their know-how and technology," Bu Moon-Cheol, a South-East Power director, told reporters.
Demand for renewable energy is high in South Korea, which must import all its oil needs. Its nuclear power plants already generate 34 per cent of total power.