[THE INVESTOR] Korea Electric Power Corp., South Korea’s state-run power utility firm, eyes to develop renewable energy with Mongolian and Japanese firms.

Cho Hwan-ik, KEPCO CEO, signed a memorandum of understanding with Enkhbold Nyamjav, CEO of Mongolian energy company Newcom Group and Shigeki Miwa, CEO of Japan’s Internet firm SoftBank, to cooperate and make joint investments in the solar and wind power projects in Mongolia, KEPCO said on July 19. 

“Mongolia has abundant energy sources,” Cho said. “Once (Mongolia) achieves a sustainable power grid and expands its electricity industry, there will be various investment opportunities in the country.”

Under the agreement, the companies decided to conduct feasibility studies on constructing a solar power plant with a capacity of 30-megawatt in Mongolia.

The KEPCO chief was among South Korea’s business delegates from 109 companies who accompanied President Park Geun-hye on her visit to Mongolia for a bilateral summit from July 14-18.

By Ahn Sung-mi (sahn@heraldcorp.com">sahn@heraldcorp.com)