Samsung Heavy Industries Co. (KSE:010140), South Korea’s No. 3 shipbuilder, said Monday that along with a local utility firm it will also build a wind farm in Macedonia.
Samsung Heavy and Korea South-East Power Co. (KOSEP), a unit of the state-run Korea Electric Power Corp. (KSE:015760), will build a wind turbines plant that will generate 100 megawatts in Stip, 110 kilometers east of the capital city of Skopje.
The two firms will build and operate the wind farm for 20 years. The US$208 million wind power project will be completed by the end of 2012.
Samsung Heavy and KOSEP will fund around 51 per cent of the project, with the remainder to be financed by the Macedonian government and the European Bank for Reconstruction and Development (EBRD). Samsung Heavy has been venturing into a wind power business in an effort to diversify its business portfolio.