LONDON - The fate of Britain's two state-controlled banks will become clearer on Wednesday, when Chancellor George Osborne is likely to start the clock ticking for the sale of the government's stakes.
FRANKFURT - New solar installations reached a fresh record of 7.5 gigawatts (GW) in Germany in 2011, playing into the hands of advocates for steeper cuts in tariff subsidies to reduce growth of solar power and the resulting higher costs for consumers.
S.Korean consortium wins $1.06 billion Algerian power plant deal
SEOUL (Reuters) - A South Korean consortium has won a $1.06 billion deal to build a combined cycle power plant in Algeria, consortium member Daewoo International (047050.KS) said in a statement on Sunday.
Under the turnkey contract with the state-run Algerian Society of Electricity Production, the consortium consisting of Daewoo International, Hyundai Engineering HYENG.UL and Hyundai Engineering & Construction (000720.KS) will construct the 1,200-megawatt power plant in Algeria's northeastern town of Ain Arnat, the Daewoo statement said.
The power station will rise over a period of 39 months, it added.
South Korean builders are competing with firms from China and Brazil for construction contracts in fast-growing Africa.
On Monday, Daewoo International announced it had signed a $1.3 billion deal with the Kenyan Electricity Generating Company to build a 600-megawatt, coal-fired power plant.
(Reporting by Sung-won Shim, Editing by Sanjeev Miglani)
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