According to Yonhap News,
The finance ministry said Thursday it has selected the southeastern city of Gyeongju as the site for a 771.6 billion-won (US$552.8 million) project to construct the country's largest hydrogen fuel cell power plant.
The project is the fourth initiative supported by the government-led fund established to bolster and revitalize the economies of less-developed regions, the ministry said. It adopts a new regional investment model that also utilizes the private sector's resources.
The proposed 107.9-megawatt plant in Gyeongju, located about 270 kilometers southeast of Seoul, will generate enough electricity to power 270,000 households of four people for an entire year, the ministry said.
Construction is set to begin in March, with the plant scheduled to be completed and operational by March 2028, the ministry said.
The ministry expects the plant to provide a stable power supply to industrial complexes in nearby cities and contribute to the growth of related industries, further revitalizing the local economy.
khj@yna.co.kr
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Source: Yonhap News (November 28, 2024)