By Jane Han
Staff Reporter
The country's power monopoly, the Korea Electric Power Corp. (KEPCO) said Tuesday it has agreed with the Bolivian government to build a 120 megawatt hydroelectric plant as part of its ambitious Misicuni project.
KEPCO signed a memorandum of understanding with the South American country's state electrical utility, ENDE, to kick off pre-feasibility studies at the site in central Bolivia, according to company officials.
Bolivia's rivers are known to have considerable, largely untapped hydroelectric potential, while the per capita electric consumption remains low. As part of its efforts to improve services, the state-run company has been welcoming foreign companies to invest in its resources.
And as KEPCO has been bracing to expand its hydroelectric power plant presence in Bolivia, officials say the agreement comes at an ideal time in which both parties can reap solid business benefits.
``KEPCO will aggressively contribute its world-class technology to the development of Bolivia's electric power industry,'' Lee Won-gul, the company president and CEO, said at the signing ceremony in the west-central South American state.
He expressed that the two sides will not only cooperate in the hydroelectric industry, but KEPCO will also seek opportunities in developing uranium and other natural gases as well as minerals in the country known as the ``Rooftop of the World,'' due to its high elevation in the Andes Mountains.
South Korea's state-owned firm shows optimism that the Bolivian entrance will serve as a springboard into the other South American countries.
KEPCO most recently signed a deal with a Nepalese state-run electricity firm last October to build a hydroelectric plant in the South Asian country.
Some of the other areas it's eyeing is Central Asia, Pakistan, Tajikistan and Chile, it said.