Doosan Heavy Industry & Construction (DHIC) and Korea Midland Power (KOMIPO) have signed an agreement to work together on a new overseas hydropower business, while localizing hydropower plant equipment and engineering and developing sales channels for export.

The agreement was signed in a ceremony at DHIC’s head office in Changwon, attended by Noh Woong-hwan, Head of the Business Division of KOMIPO, and Na Gi-yong, VP of DHIC. The firms are looking to penetrate the SE Asian hydropower market, which is expected to grow to about 40GW by 2040.

KOMIPO has operated the 45MW Wampoo Hydropower Plant in Sumatra Island, Indonesia since 2016 and the 55.4MW Tanggamus Hydropower Plant since 2018. The company is developing several hydropower projects in Indonesia.

While being the main contractor for many hydropower plants in Korea, DHIC has also supplied the main equipment to overseas hydropower plants in the US, India, and Philippines. It is further expanding its overseas business, and was recently contracted to work on power plants in Nepal Pakistan.