Governor Nam Kyung-pil says: “This highly efficient, safe and simultaneously eco-friendly development is a good opportunity.”

Gyeonggi Province concludes investment agreement with Pyeongtaek City and GK Holdings on construction of Pyeongtaek fuel cell power plant

◇ Governor Nam Kyung-pil delivers greetings during the signing ceremony. Governor Nam said, “This highly efficient, safe and simultaneously eco-friendly development is a good opportunity.” ⓒ Heo Seon-ryang, Gyeonggi G-News

The world’s largest fuel cell power plant, valued at USD 2 billion (KRW 2 trillion) will come to Weonjeong-ri of Poseung-eup in Pyeongtaek City, Gyeonggi Province.

Gyeonggi Province announced on July 22 that, together with Pyeongtaek City, the Korea Gas Corporation, Korea South Power, POSCO Energy, GK Holdings, Darby Overseas Investments, Korea Investment and Securities, and Doosan, it would undertake construction of the world’s largest power generation facility (360MW) by 2018.

Gyeonggi Province held the agreement signing ceremony with the participation of Gyeonggi Province Governor Nam Kyung-pil, Pyeongtaek City Mayor Gong Jae-gwang, Assistant Minister of Trade, Industry and Energy Gweon pyeong-oh, Korea Gas Corporation President Jang Seok-hyo, Korea South Power Executive Director Kim Tae-woo, Korea Investment and Securities CEO Yu Sang-ho, POSCO Energy CEO Hwang Eun-yeon, Darby Overseas Investments Vice President David Hudson, and GK Holdings President Jang Jung-gweon at the Grand Intercontinental Hotel Seoul Parnas in the afternoon of July 22.

During the signing ceremony, Governor Nam Kyung-pil said, “The construction of this fuel cell power plant is an epoch-marking project that will have the effect of reducing carbon dioxide emissions by 100 thousand tons annually, generating low noise, and realizing distributed power generation for apartment and industrial complexes. This highly efficient, safe and simultaneously eco-friendly development is a good opportunity.”

He also announced, “The direct and indirect job creation effect alone amounts to approximately 3,000 or more positions, so provincial residents and all citizens are very interested in it. Utmost support will be provided to make Pyeongtaek a leading global center in the fuel cell industry.”

The construction of the fuel cell power plant is a large project with a total investment of KRW 2 trillion. In the first stage, KRW 500 billion will be invested in a capacity of 100MW; this will be expanded to 360MW in the second stage. First-stage construction will commence from 2015 and be completed in 2016; second-stage construction will continue until 2018.

◇ Gyeonggi Province Governor Nam Kyung-pil, Pyeongtaek City Mayor Gong Jae-gwang, Korea Gas Corporation President Jang Seok-hyo, and the heads of relevant organizations pose for a commemorative photograph after signing the agreement at a ceremony held at the Grand Intercontinental Hotel Seoul Parnas on July 22 for the construction of the Pyeongtaek fuel cell power plant. ⓒ Heo Seon-ryang, Gyeonggi G-News

Under the agreement, Gyeonggi Province and Pyeongtaek City will provide the land needed for the construction of the fuel cell power plant and support the administrative procedures required for facility establishment. 

In addition, Korea Gas Corporation will supply fuel, while POSCO Energy and Doosan will procure fuel cell power generation equipment. Korea Investment and Securities and Darby Overseas Investments will handle the financial intermediation and financing. GK Holdings will manage the project and undertake operational work.

The province explained that the power plant project would have the expected effects of inducing foreign investment of KRW 30 billion and creating new employment for 500 people as well as indirect employment of more than 3,000 people. Furthermore, it is expected that the construction of the fuel cell power plant will enhance the feasibility of the static Pyeongtaek Lake Tourist Complex Project, resulting in project normalization and providing opportunities for the activation of relevant parts industries.

The world’s largest LNG production base and an electric power substation are situated near Weonjeong-ri of Pyeongtaek City where the fuel cell power plant will be located, so the site has been deemed ideal for the power plant. The heat produced by the fuel cell power plant will be supplied to the Pyeongtaek LNG production base, the Pyeongtaek Tourist Complex and the nearby Poseung Industrial Complex currently being reviewed by the Ministry of Strategy and Finance.

Choi Hyeon-deok, Assistant Governor for Economy and Investment, said, “Compared with a traditional chemical cell power plant, the fuel cell power plant is a highly efficient environment-friendly power generation facility that emits 40% less greenhouse gas. It is structured to foster the development of the Pyeongtaek region as a new renewable energy cluster through the attraction to Pyeongtaek of companies related to fuel cells.”

ⓒ Gyeonggi G-News | Roh Gyeong-hee khrohh@kg21.net

http://gnews.gg.go.kr/news/news_detail.asp?number=201407221700497055C048&s_code=C048