Renewable Energy Multi-complex
SK and state-owned Korea East-West Power Co. will create Asia’s largest new renewable energy multi-complex in Dangjin, South Chungcheong Province.
Korea East-West Power Co. and SK Gas Co. signed a memorandum of understanding with Dangjin Eco Power Corp. and SK D&D Co. in Dangjin, South Chungcheong Province, on April 13 to build a new renewable energy multi-complex in order to reduce environmental pollutions and boost the regional economy.
SK Gas acquired a stake in a coal-fired thermal power plant Dangjin Eco Power, formerly Dongbu Power Dangjin, for 201 billion won (US$176.01 million) in 2014. The company completed all the procedures, including environmental effects evaluation, and is in final stage of receiving approval by the Ministry of Trade, Industry and Energy to begin construction. SK Gas is the largest shareholder of Dangjin Eco Power with 51 percent, while Korea East-West Power and Korea Development Bank each has a stake of 34 percent, and 15 percent.
Dangjin Eco Power will be recreated into an environmentally friendly power plant model in a bid to dispel the negative perceptoin of coal-fired thermal power plants. It will have a higher level of the environmental standards than Yeongheung Thermal Power Plant by removing existing pollution facilities of the coal-fired thermal power plant, such as ash disposal, fugitive coal-dust and wastewater discharging facilities. Based on it, the new plant will reduce 960,000 tons of pollutants a year compared to existing coal-fired thermal power plants.
The new renewable energy multi-complex will be established on a 1.12 million square meter site in Dangjin, which is about the size of 160 soccer fields. With an investment of 257 billion won (US$225.04 million), the multi-complex will have an 80MW solar energy complex, a 160 megawatt-hour (MWh) energy storage system complex, and other fuel cell and wind power related facilities. There will also be facilities on a 70,000 square meter site like a theme park and public relations facility devoted to raise public awareness for renewable energy.
Korea East-West Power, which operates Dangjin Thermal Power Plant, also has plans to invest 2.5 trillion won (US$2.19 billion) in improving environmental facilities, such as desulfurization and denitrification facilities and electrical dust precipitators, with an aim to reduce pollutants, including fine dust, by 50 percent by 2020 and 74 percent by 2030.