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18

GE and South Korea Strike Deal

American giant makes multi-million-dollar, eco-friendly commitment to southern peninsula...

American giant General Electric is to start building an 80-megawatt wind power plant in South Korea in 2005. GE is to invest US$100 million to establish a wind power plant complex in the South Korean province of Gangwon, according to provincial officials.

GE officials are to present Gangwon Province authorities a blueprint for the project by the end of next month.

Under the agreement, Gangwon Province will grant GE various benefits, including rent-free land, while GE will hand over 10 per cent of the envisioned complex's stake.