EGCO Group Pursues South Korea Expansion With New Investment in “Fuel Cell Project”
Electricity Generating Public Company Limited or EGCO Group has increased its portfolio in South Korea with a new investment in a 19.8 MW Fuel Cell Project.
Mr. Jakgrich Pibulpairoj, President of EGCO Group said that “Paju Energy Service Co. Ltd. (Paju ES), a company in which EGCO Group owns a 49% equity interest while SK E&S Co., Ltd. retains 51%, will construct and operate a 19.8 MW grid connected Fuel Cell Project to be located in Gangdong-gu, Seoul, South Korea (Gangdong Fuel Cell Project). The Gangdong Fuel Cell Project’s construction works are scheduled to commence in August 2019 and its commercial operation is expected to start in the 4th quarter of 2020.”
The Gangdong Fuel Cell Project will sell electricity to Korea Electric Power Corporation (KEPCO), the sole off-taker of wholesale power generation in South Korea, through the Korea Power Exchange. Additionally, the Project will sell thermal energy and also receive renewable credits in the form of renewable energy certificates (REC) with respect to its electricity generation output.
A fuel cell is an electrochemical device that combines hydrogen from natural gas and oxygen to produce electricity and heat. Fuel cells operate without combustion and it is considered as an option for a reliable source of power.
“We are excited to further strengthen our partnership with SK E&S to meet growing demand in South Korea for clean and reliable electricity. The Gangdong Fuel Cell Project will enable Paju ES to fulfill a portion of its Renewable Portfolio Standard obligations on a long-term basis and generate incremental economic earnings to Paju ES.,” Mr. Jakgrich added.
After the completion of the new project, EGCO Group will have interests in 2 power plants in South Korea with total equity capacity of 902.97 MW.
