Saemangeum CHP power station
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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.
Location
The map below shows the location of the Saemangeum CHP power station.[1]
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]
Financing
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$310 billion in debt[6][7]
Articles and resources
References
- ↑ "OCISE(주)," Google Maps, accessed November 2021
- ↑ 2.0 2.1 "Cogeneration Power Plant," OCI, accessed November 2021
- ↑ "OCI breaks ground for North Jeolla power plant," Korean Herald, October 21, 2013
- ↑ "Doosan Heavy Industries & Construction Wins US$ 470 million Project to Construct Saemangeum Collective Energy Facility," Doosan Heavy Industries & Construction, October 1, 2013
- ↑ "Coal-fired Plants in South Korea," Industcards, accessed June 2016
- ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 "Financing Dirty Energy," Solutions for Our Climate, January 2018
- ↑ 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
- ↑ "Subsidiaries," OCI, accessed November 2021