Posco forms consortium with Mitsubishi to win power plant deal in Malaysia
SEOUL, AJU - Posco E&C, a construction arm of South Korea’s top steelmaker, has been selected as a preferred bidder for the construction of a 1,200-megawatt combined power plant in the Malaysian island of Pulau Indah.
Posco E&C said Monday that it has formed a consortium with Japan’s Mitsubishi to win the deal worth about 600 billion won ($535 million). Commercial operation of the power plant will begin in January 2023.
Posco E&C, which holds a 60 percent stake in the consortium, is responsible for design, procurement and construction. Mitsubishi, which controls 40 percent, will supply boilers and turbines. When completed, the plant is capable of supplying electricity to about 500,000 households in Kuala Lumpur.
Posco E&C has stepped up its presence in Southeast Asia. In September, the company agreed with Indonesia’s media and real estate giant MNC Group to build resort facilities in Lido south of Jakarta.