State-run utility Korea Electric Power Corp. (015760.SE), or Kepco, said Tuesday it will sign a binding agreement with the Georgian government later in the day to build, own and operate three dams on the Rioni river.
A consortium of Kepco, SK E&C Co. and Turkey's Nurol will begin construction of the $1 billion, 450-megawatt project in the second half of next year and complete it in 4-5 years, a Kepco official said.
SK E&C and Nurol will undertake the construction, while Kepco and Nurol will jointly operate and carry out maintenance works, SK E&C said in a statement.
Power generated from the dams will be supplied to Georgia and Turkey.
Kepco will own a 37% stake in the project and SK E&C 13% stake, while Nurol will own the rest.