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Sino Construction completes building micro power plant in South Korea
SINO Construction said on Monday its subsidiary has completed the construction of its first micro power plant named "Korea MPP One" in South Korea. It is now awaiting final inspection and certification from the Korea Power Exchange.
Meanwhile, the power plant will undergo compliance and safety standard tests to prepare it for immediate execution after certification.
Sino Construction is executing a multi-year programme to roll out several micro power plants. It has secured a second location in the city of Pohang, with licensing pending approval.
Drew Madacsi, interim executive director, said the programme is important to the company's cash flow, allowing it the opportunity to divest its underperforming assets such as Elite Bay which is under internal review.
The company recently started a full restructuring of its operations, with an emphasis on profitability. It is close to completing a review of all its business expenses, liabilities and taxes.
It plans to use part of the profits from the South Korean micro power plant programme to expand the programme further, increase asset ownership, and put in place a long-term dividend programme, it said.