Korea Midland Power forms alliance with Toyo-Thai

Construction News

Korea Midland Power Co (Komipo) is making inroads in Thailand by forming a business alliance with SET-listed contractor Toyo-Thai Corp (TTCL) and acquiring a stake in small power producer Navanakorn Electric Co.

Under a memorandum of understanding signed yesterday by Komipo, TTCL and Navanakorn Land (NLD), the alliance will explore business opportunities in power-related projects both in Thailand and global markets.

Komipo, with its existing 10,000 megawatts of electricity capacity, has signed an initial deal to buy 29% of Navanakorn Electric from TTCL.

TTCL owns 71% of preferred shares of Navanakorn Electric, the developer of a 110-MW combined cycle plant in Pathum Thani set to begin operating in the fourth quarter of 2012.

“With a partnership with Komipo, TTCL will gain competitive advantage when bidding for power projects both in Thailand and abroad,” said Kobchai Thanasukarn, TTCL’s general manager for finance and investor relations.

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