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Doosan Heavy says client cancels power plant order in Philippines

2018/03/14 18:33

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SEOUL, March 14 (Yonhap) -- Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Wednesday its client has canceled an order for a power plant in the Philippines worth 952 billion won (US$895 million).

In 2016, Doosan Heavy signed a deal to build a coal-powered plant for Redondo Peninsular Energy Corp. in a region about 130 kilometers northwest of Manila by December 2020.

Redondo Peninsular Energy failed, however, to issue a notice to proceed with the project by Dec. 31 last year as the Philippine authorities delayed in approving electricity prices for the project, according to a regulatory filing.

Doosan Heavy said it held consultations with Redondo Peninsular Energy to work out their differences, but the two sides failed to reach an agreement.