(Yicai Global) July 17 -- A subsidiary under Power Construction Corp. of China has landed an almost USD1.4 billion contract to build the second-largest hydroelectric power plant in Indonesia.
The unit and Kayan Hydro Energy penned the deal to build the facility in Kalimantan, Indonesia's share of the island of Borneo, about 55 kilometers from a second planned hydroelectric station, Power China said in a statement yesterday. The facility will have 900 megawatts of installed capacity and take around six years to complete.
Indonesia's largest hydropower plant is the Cirata Dam in West Java.
Shares in Power China [SHA:601669] were up almost 1 percent at CNY5.15 (75 US cents) as of 9.59 a.m.
The firm, an international leader in the water conservancy and hydroelectric sectors, will design the new plant, procure and install equipment and carry out construction.
It signed CNY302 billion (USD44 billion) worth of new contracts in the first half of the year, up 15.8 percent. Domestic deals rose 19.2 percent while overseas contracts climbed nearly 8 percent.
Editor: James Boynton