Posco Engineering Signs $500 Million Contract for Power Plant in El Salvador

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Researched by Industrial Info Resources (Sugar Land, Texas)-- South Korean builder Posco Engineering & Construction Company Limited (Pohang City) recently signed a $500 million engineering, procurement and construction contract with power company AES Fonseca (El Salvador) to build a coal-fired power plant in El Salvador. The plant will be built near La Union Port, approximately 160 kilometers southeast of San Salvador, the capital of El Salvador.

The facility, capable of generating 260 megawatts (MW), will be designed for high efficiency, complying with all environmental protection standards. The $500 million project is scheduled to begin construction in July 2008 and be complete by the end of 2011.

AES Fonseca is a subsidiary of U.S.-based power company AES Corporation (NYSE:AES) (Arlington, Virginia). The power station is expected to contribute to the economic growth and development of the region and the country.

POSCO E&C also signed a contract with AES Gener S.A. in September 2006 for a 272 MW coal-fired power plant in Ventanas, Chile. Construction began in June 2007 and is expected to be complete in late 2009. These contracts will allow POSCO E&C to strengthen its position in Central America and South America's power plant markets in which demand for new generation is quickly increasing.

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