Northern Caucasus Resorts Company (NCRC) has entered into a joint venture agreement with Korean Western Power (KOWEPO) and CHT Korea to build up to five new environmentally advanced power stations.
The five power plants will use coal fuel with emissions scrubbing and carbon sequestration and integrating renewable energy from wind and solar sources.
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The first phase of the project is estimated to cost $300m.
NCRC will hold a 50% stake in the joint venture, while KOWEPO will hold 40% and CHT Korea will have a 10% share.
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