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GPA reports Hanwha contract terminated; Okudu commissioning, KEPCO and other projects remain part of grid plan
Summary
Guam Power Authority said its contract with Hanwha was terminated after a missed milestone; GPA received $4.6 million in development security and is pursuing other generation projects including a 132 MW KEPCO project and Okudu commissioning tests.
Guam Power Authority officials told the Guam Public Utilities Commission on April 24 that the utility has terminated its contract with Hanwha after the developer missed a milestone, and that GPA received development security funds of roughly $4.6 million.
GPA reported receiving $4,600,024.16 on April 16; letters of credit were returned to Hanwha’s banks on April 22–23, the utility said. GPA staff said they tried multiple options to salvage the project but ultimately concluded it was not economically feasible for Hanwha and that a notice of default and eventual termination followed.
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