According to the insider, “The Korea Electric Power Corp (KEPCO) has signed a memorandum of understanding (MOU) with one of China’s biggest power companies last week to accelerate its entrance into the world’s fastest-growing economy.”

“[The] MOU with Datang International Power Generation Co [is] to jointly pursue a power generation project that involves South Korea, China and a third country. KEPCO and Datang are expected to reach a formal agreement on the project as early as next month,” added the source.

Aside from the Datang contract, the official also revealed new opportunities in the power generation sector were in the pipeline.

“The Chinese government wishes [to] inject US$30 billion until 2020 to expand its power generation capacity to 40 million kW from the current 8 million kW. This will provide new business opportunities to KEPCO,” said the source.

“KEPCO is in discussions with other Chinese companies to win one or two additional orders for construction of power plants,” he added.