POSCO E&C Sign Deal for Power Plant in El Salvador

South Korean builder POSCO Engineering & Construction Co. said Tuesday that it has signed a $500 million deal to build a thermal power plant in El Salvador.

Under the deal with AES Fonseca, a Salvadorian unit of The AES Corp., a global power company, POSCO E&C will ground break for the plant in July with the aim of completing it by September 2011, the company said in a statement.

The plant will be built in an area, approximately 160 kilometers southeast of San Salvador, the capital of the Central and South American country, POSCO E&C said.