POSCO Energy has built a 360 MW-capacity fuel cell power generation plant, the largest one of its kind in the world, in Pyeongtaek City, Gyeonggi Province. To this end, POSCO Energy recently signed an investment agreement with Doosan, Korea Gas Corporation, Korea Investment & Securities, Darby Overseas Investment, and GK Holdings.
According to the agreement, approximately 2 trillion won (US$1.9 billion) is to be invested in the 140,000m2-wide plant to be located in Wonjung-ri, Pyeongtaek. Going into operation in 2018, the facilities supply heat to the Pyeongtaek Tourist Complex and the Poseung Industrial Complex.
The Korea Gas Corporation is going to be responsible for fuel supplies, while POSCO Energy and Doosan are in charge of the supply of fuel cell power generation equipment. Darby Overseas Investment and Korea Investment & Securities will cover financing and procurement, and GK Holdings will oversee the project.
Pyeongtaek City is expecting that the construction of the power plant will attract foreign investment of 30 billion won (US$28.5 million) and create 500 new jobs while resulting in an indirect job creation effect of 3,000 persons. “A fuel cell power generation station is highly efficient and eco-friendly, emitting 40 percent less greenhouse gases than thermal power stations,” a POSCO Energy representative explained, adding, “We will turn this region into an alternative energy cluster by housing fuel cell companies.”