POSCO E&C Has Commenced Work on Largest Combined Cycle Power Plant in Panama

— Construction of $650 million combined cycle power plant (CCPP) and LNG tank

— Demonstrated its high-quality construction technology through $5.6 billion in contracts of energy plants over the past decade since entering into Latin America

SEOUL, South Korea, June 16, 2016 /PRNewswire/ — POSCO E&C (CEO Han Chan-kun) is set to construct a 380MW Colon-based combined cycle power plant and a 180,000m3 LNG tank.

Aerial view of Colon CCPP project in Panama.

Photo – http://photos.prnewswire.com/prnh/20160615/380034

On May 26, POSCO E&C held its groundbreaking ceremony at the construction site in the Telfers industrial complex in Colon, Panama and has begun construction on the Colon CCPP.

The Colon CCPP project will build an LNG CCPP along with a 180,000m3 LNG storage tank to supply fuel at Colon, which lies near the Atlantic entrance to the Panama Canal, and is about 70km north of Panama City, the capital of the Republic of Panama. With a construction cost of $650 million, the power plant will be completed in July 2018 and the LNG tank in May 2019.

The Colon CCPP is the largest of its kind in Panama, with a generation capacity that will allow for approximately 300,000 households to use electricity simultaneously. Once completed, the power plant will provide a stable supply of electricity to the industrial complex near Panama Canal and the Colon area.

“The project is the result of efforts to establish trust with the ordering parties in Latin America over the past decade,” said Han Chan-kun, CEO of POSCO E&C, stressing the important aspect of the project. “It will be a great chance for us to showcase the high-quality construction technology of E&C across the world.”

POSCO E&C entered into the energy plant market of Latin America in 2006 for the first time among domestic construction companies, with the construction of a coal-fired power plant (CFPP) in Ventanas, Chile, which was awarded by AES. The company successively won contracts of Campiche and Angamos CFPP in Chile in 2007 and Kallpa and Chilca Uno CCPP in Peru in 2009. By achieving a total of $5.6 billion in Latin America over 10 years since it made its first foray into the area, POSCO E&C has demonstrated its quality construction technology throughout the world and is endeavoring to solidify its position as one of the major players in Latin America’s energy plant market.