Korea Electric Power Corporation said Sunday its financing for the construction and operation of a gas combined-cycle power plant in Mexico was named by global financial magazine Euromoney as the “Power Deal of the Year” in Latin America.

A consortium led by KEPCO completed the project financing of $330 million, or about 80 percent of the project cost, for the 433-megawatt Norte II gas combined-cycle power plant ordered by Mexico’s state power company Comision Federal de Electricidad.

Euromoney awards the best project financing cases each year in terms of innovation, deal repeatability, risk mitigation and value for money.

The Norte II plant project is the first order KEPCO won in Mexico after competing with major power companies from Japan and Spain for the deal.

“Winning the 2011 Power Deal of the Year award allowed KEPCO’s project development and financing capabilities to be officially recognized as the global leader,” KEPCO said in a press release.

By Kim So-hyun (sophie@heraldcorp.com)