German engineering giant Siemens said Wednesday it had won a contract worth some 400 million euros ($485 million) to build three power plants in energy-hungry South Korea.
The natural gas-fired plants will be built in the city of Incheon, some 30 kilometres (18 miles) west of the capital Seoul, the firm said in a statement.
“The order including a long term service contract is approximately 400 million euros … the start of the commercial operation is scheduled for summer 2014,” said Siemens.
In total, the German firm said it had supplied seven of these power plants in South Korea, where electricity demand is growing at an annual rate of 3.6 percent.
Running at full capacity, the plants can produce some 420 megawatts, Siemens said.