(Yicai Global) April 12 -- A unit of Chinese industrial conglomerate Henan Senyuan Group Co. has won a USD182 million engineering, procurement and construction contract for a coal-fired power plant in Mongolia, marking a milestone in the firm’s efforts to build a presence internationally.
Henan Senyuan Electric Co. has inked a deal with Mongolia’s New Asia Group Co. for the 100-megawatt facility’s construction, the Zhengzhou-based firm said in a statement.
The Ulaanbaatar-based New Asia Group will develop, own and operate the plant, consisting of two 50 MW units in Telmen Prairie, Zavkhan Province. China Export & Credit Insurance Corp., better known as Sinosure, will provide risk coverage for the project, with the contractor set to raise funds worth 85 percent of the contract price through supplier credit.
The contract marks Henan Senyuan’s first large-scale order in the international market, and it is expected to drive future sales of the company's transmission and distribution as well as new energy products, it said. The firm will procure Chinese equipment for use in the project.
Editor: William Clegg