Newcom Group, Korea Electric Power Corporation (KEPCO), and Softbank Group sign Memorandum of Understanding to jointly develop renewable energy projects in Mongolia
Ulaanbaatar, Mongolia, 18th of July 2016, - Newcom Group signed a Memorandum of Understanding with Korea Electric Power Corporation (KEPCO), the largest electric utility company in South Korea, and Softbank Group, a Japanese multinational technology corporation with portfolio interests across advanced telecommunications, media, internet services, and clean energy, to jointly explore investment opportunities in Mongolia’s renewable energy sector with a long run intention to develop up to 10GW of power production.
Newcom currently owns and operates the 50 MW Salkhit wind farm, the nation’s first large scale renewable energy plant and the country’s first independent power producer. This Memorandum of Understanding further demonstrates Newcom’s commitment to developing renewable energy in Mongolia and provides a clear platform for Newcom, KEPCO, and Softbank Group to cooperate on future renewable energy projects in Mongolia.
About Newcom Group
Newcom is a Mongolian clean technology and infrastructure investor committed to bringing global expertise and innovation to Mongolia. Newcom Group has a diverse portfolio of investments across telecommunication, information technology, financial services, renewable energy, real estate and mining services sectors. The company operates Mongolia’s first wind farm, with capacity of 50 MW and located 70km from Ulaanbaatar city and is in the process of constructing the 450 MW combined heat and power plant #5 as part of an international consortium awarded the concession agreement by the government. The company’s headquarters are in Ulaanbaatar, Mongolia. For more information, please visit www.newcom.mn.
About Korea Electric Power Corporation (KEPCO)
Korea Electric Power Corporation (KEPCO) is the largest electricity provider in South Korea was founded with the objective to facilitate the development of electric power supply in Korea, meet the country's power supply and demands needs, and contribute to the country’s economy.
KEPCO's areas of business include the development of electric power resources, electric power generation, transmission, transformation, and distribution, as well as related marketing, research, technological development, overseas business, investment, corporate social responsibility and use of its property. To learn more, please visit www.kepco.co.kr
About the SoftBank Group
The SoftBank Group is a global technology player that aspires to drive the Information Revolution by supporting disruptive entrepreneurs. The SoftBank Group is comprised of the holding company SoftBank Group Corp. (TOKYO:9984) and its global portfolio of companies, which includes advanced telecommunications, media and Internet services and clean energy technology providers. To learn more, please visit www.softbank.com
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