Korea Southern Power has built an independent power plant in Chile, the first by a Korean company, the company said Tuesday.

“The construction of the Kelar plant is meaningful in that it has provided the stepping stone to enter South America’s energy market,” said Yoon Jong-geun, president and CEO of Kospo.

“Kospo will leap forward as one of the world’s top 10 power companies by 2030, posting overseas sales of $500 billion. In order to do so, we will focus on renewable energy exports and advance into the emerging markets with high market potential based on the company’s world class skills.”

According to Kospo, the construction on the Kelar plant in Chile is notable, as Chile’s energy market had previously been dominated by US-based companies.

The 517 megawatt Kelar plant has been built in the Mejillones region located in the port city of Antofagasta, northern Chile.

It will supply 25 percent of the energy for CDEC-SING, the operator of Chile’s northern grid.

According to Kospo, it expects the project to generate annual sales of $92 billion for the next 30 years.

The company touted the project as an exemplary collaboration of public and private businesses. Kospo provided the investment for the project in partnership with Samsung C&T, with a split of 65 percent and 35 percent, respectively.

Samsung Engineering took charge of the engineering, procurement and construction, while the Export-Import Bank of Korea provided project financing. 

By Kim Bo-gyung (lisakim425@heraldcorp.com)