On July 22, 2014, Governor Nam Kyung-Pil of Gyeonggi Province, Mayor Kong Jae-Kwang of Pyeongtaek City and relevant agencies and companies, such as Korea Gas Corporation, Korea Southern Power, POSCO Energy, Doosan Corporation, Korea Investment & Securities, Darby Overseas Investments and GK Holdings, will sign an MOU for establishment of a fuel cell power plant in Pyeongtaek City.

The site is a prime location for fuel cell power generation because it is located in close proximity to the Pyeongtaek LNG terminal and an electricity substation. The Pyeongtaek Fuel Cell Energy Power Plant (PFCEPP) is approximately 2 trillion won worth of investment project. In the first phase of PFCEPP, 500 million won will be invested for 100MW of power generation capacity that will eventually be expanded to  360MW. This project is expected to attract approximately 30 million won in foreign inverstment, create 500 new jobs and 3,000 indirect employment. The heat produced from PFCEPP will be provided to the Pyeongtaek LNG Terminal, the Pyeongtaek Tourism Complex, which is under review by the Ministry of Strategy and Finance, and the Poseung Industrial Complex nearby. Gyeonggi Province and Pyeongtaek City will provide necessary administrative support and the land for the construction of PFCEPP. Korea Gas Corporation will provide LNG to PFCEPP. POSCO Energy and Doosan Corporation will procure the required equipments for PFCEPP. Korea Investment & Securities and Darby Overseas Investments will assist in the financing. And GK Holdings will be responsible for the management of the overall project .

The global market for fuel cell power generation is growing at an annual average of 85% and the domestic market at 106%. We expect rapid growth from 0.5MW in 2006 to 164MW in 2014, thus, helping the Renewable Proforlio Standard (RPS) take root in Korea. The Korean government has introduced RPS regulations to increase the use of energy produced from renewable energy resources.

The MOU is to build the largest fuel cell power plant in the world. It will serve as a stepping stone for unprecedented growth and advancement in the related parts industries in Korea.