Saemangeum CHP power station

From Global Energy Monitor

Saemangeum CHP power station (새만금발전소), also known as the Saemangeum Collective Energy Facility, is a 304-megawatt (MW) combined heat and power (CHP) coal-fired power station in North Jeolla Province, South Korea.


The map below shows the location of the Saemangeum CHP power station.[1]

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Background on Plant

In July 2012, OCI established OCI SE to construct a cogeneration power plant within the Saemangeum Industrial Complex in Gunsan City, North Jeolla.[2]

In May 2012, in a bid to attract investments at the Complex, the Ministry of Strategy and Finance had revised a law to allow the construction of a cogeneration power plant.[3]

In October 2013, Doosan Heavy Industries & Construction announced that it had signed a contract worth US $470 million to construct the Saemangeum Collective Energy Facility. The project would involve the construction of a coal fired thermal power plant at the Saemangeum Industrial Complex Zone 2. The power plant was projected to have an electricity output of 304MW (152MW x 2 units), with a planned completion date of March 2016.[4]

The plant was completed in April 2016.[5]

The company's website claims the plant uses "best available techniques (BAT) to minimize the generation of Sulfur Oxides, Nitrogen, dust, etc." and that "OCI SE acquires REC through co-combustion of wood pallets." In addition, there were plans to expand the heat supply system capable of district cooling and heating to distant areas.[2]


In December 2013, a financing agreement was closed.[6] At least KRW 344 billion (US$310 billion) in loans were raised to fund the project. Groups providing debt financing for the project included:

  • Korea Development Bank (KDB): KRW 17 billion (US$15.3 million)[6]
  • KDB Life Insurance: KRW 79.6 billion (US$71.6 million)[7]
  • Nonghyup Life Insurance: KRW 10 billion (US$9 million)[6]
  • Nonghyup Bank: KRW 20 billion (US$18 million)[6]
  • Industrial Bank of Korea: KRW 55 billion (US$49.5 million)[6]
  • Heungkuk Life Insurance: KRW 52 billion (US$46.8 million)[7]
  • Kyobo Life Insurance: KRW 66.2 billion (US$59.6 million)[7]
  • NH Bank: KRW 9.5 billion (US$8.55 million)[7]
  • Shinhan Bank: KRW 35.4 billion (US$31.9 million)[7]

In October 2015, a refinancing agreement was closed for US$311,700,618 in loans, but the financers were not disclosed.[6]

Project Details

  • Sponsor: OCI SE[8]
  • Parent company: OCI
  • Location: Gunsan City, North Jeolla Province, South Korea
  • Coordinates: 35.93788, 126.56613 (exact)
  • Status: Operating
  • Gross Capacity: 304 MW (Units 1-2: 152 MW)
  • Type: Subcritical
  • Projected in service: 2016
  • Coal Type:
  • Coal Source:
  • Source of financing: At least US$310 billion in debt[6][7]

Articles and resources


  1. "OCISE(주)," Google Maps, accessed November 2021
  2. 2.0 2.1 "Cogeneration Power Plant," OCI, accessed November 2021
  3. "OCI breaks ground for North Jeolla power plant," Korean Herald, October 21, 2013
  4. "Doosan Heavy Industries & Construction Wins US$ 470 million Project to Construct Saemangeum Collective Energy Facility," Doosan Heavy Industries & Construction, October 1, 2013
  5. "Coal-fired Plants in South Korea," Industcards, accessed June 2016
  6. 6.0 6.1 6.2 6.3 6.4 6.5 6.6 "Financing Dirty Energy," Solutions for Our Climate, January 2018
  7. 7.0 7.1 7.2 7.3 7.4 7.5 "Tracing 12 Years of Korea’s Coal Finance Addiction," Korea Sustainability Investing Forum, January 2021
  8. "Subsidiaries," OCI, accessed November 2021

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External resources