Eco Electric Power, a local leader in the renewable energy industry, is set to construct 4, 380MW solar power plants in India.

The company held a contract signing event celebrating its 320-billion-won solar power plant construction venture with Swedish-based White Assets at its headquarters in Pyeongdong, Gwangsangu in Gwangju.

Based on the deal signed by Lee Jong Hee, CEO of Eco Electric Power and Sridhar Babu Dasari, Chairman of White Assets Advisors, the Swedish firm appointed the local company to construct the solar power plants in 4 states in India including Maharashtra, Andhra Pradesh and Tamil Nadu.

Eco Electric Power will launch the project in Mumbai creating a 150MW-sized power plant at the beginning of January 2019 with a goal to complete it within 24 months.

The solar power plants that White Assets Advisors require are worth 820 thousand dollars per MW, over 311 million dollars in total which is the equivalent of 320 billion KRW.

Prior to the deal, Eco Electric Power on April 30th signed a 300-million-dollar (320-billion-won) investment deal with a consortium of Europe and U.S. based investment firms as well as White Assets Advisors.

Following the deal, White Assets and the consortium will invest 300 million dollars in Eco Electric Power's solar power facility, energy saving devices and wind power generation construction in the future.