CHUNGCHEONGBUK-DO < invest Korea

According to Pulse by Maeil Business News Korea,

A fuel cell power plant will be built in Jincheon in South Korea’s North Chungcheong Province, becoming an environmentally-friendly power generating facility with world’s largest capacity.

Korea Western Power Co., Hanp Inc., KB Securities Co., Chungcheongbuk-do provincial government, and Jincheon-gun office on Friday signed a business partnership agreement at the provincial government’s office for the joint project of building a green energy power plant. The project involves building the world’s largest capacity 80-megawatt fuel cell power plant inside Hanp’s 27,000-square meter manufacturing site in Jincheon.

Hanp, Korea Western Power, and KB Securities will set up a special purpose company and invest a combined 525 billion won for the project. The consortium will embark on the construction in September, this year, with an aim to complete and begin operations in September, next year.

Once the fuel cell power plant begins operations, it will be able to produce 656-gigawatt hour electricity that can be supplied to about 240,000 households - which is 23 percent of total power usage in Jincheon-gun and 2.9 percent in North Chungcheong Province. The fuel cell power plant is expected to raise a total 3.4 trillion won from electricity sales during 20 years of operation.

The power plant will be operated based on a fuel cell system that produces electricity by extracting hydrogen from liquefied natural gas and reacting it to oxygen in the air. The environmentally-friendly power plant, in particular, is preferred to other generators as it emits a very small amount of air pollution substances such as nitrogen oxide, sulfur oxide, and fine dust, and produces almost no noise, odor, or smoke pollution.

By Hwang Soon-min and Lee Eun-joo

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (July 08, 2018)