Saemangeum Collective Energy Facility

From Global Energy Monitor

Saemangeum Collective Energy Facility is a 304-megawatt (MW) coal-fired power station in North Jeolla Province, South Korea.

Location

The map below shows the city of Gunsan, the approximate location of the plant.

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Background on Plant

On October 1, 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 will involve the construction of a coal fired thermal power plant at the Saemangeum Industrial Complex Zone 2 in Gunsan City, North Jeollado. The power plant is projected to have an electricity output of 304MW (152MW x 2 units), with a planned completion date of March 2016.[1]

The plant was completed in April 2016.[2]

Financing

In December 2013, a financing agreement was closed. Korea Development Bank provided a US$15,547,805 loan. NongHyup Life Insurance provided a US$9,145,315 loan. Nonghyup Bank provided a US$18,290,630 loan. Industrial Bank of Korea provided a US$50,298,633 loan. In October 2015, a refinancing agreement was closed for US$311,700,618 in loans, but the financers were not disclosed.[3]

Project Details

  • Sponsor: Saemangeum Development Agency
  • Parent company:
  • Location: Gunsan City, North Jeolla Province, South Korea
  • Coordinates: 35.983333, 126.716667 (approximate)
  • Status: Operating
  • Gross Capacity: 304 MW (Units 1-2: 152 MW)
  • Type: Subcritical
  • Projected in service: 2016
  • Coal Type:
  • Coal Source:
  • Source of financing: US$15,547,805 in debt from Korea Development Bank; US$9,145,315 in debt from NongHyup Life Insurance; US$18,290,630 in debt from Nonghyup Bank; US$50,298,633 in debt from Industrial Bank of Korea; US$311,700,618 in refinancing debt[3]

Articles and resources

References

  1. "Doosan Heavy Industries & Construction Wins US$ 470 million Project to Construct Saemangeum Collective Energy Facility," Doosan Heavy Industries & Construction, 2013.10.01
  2. "Coal-fired Plants in South Korea," Industcards, accessed June 2016
  3. 3.0 3.1 "Financing Dirty Energy: How Korean Public Financial Institutions Support Coal Power". Solutions for Our Climate. January 2018.

Related GEM.wiki articles

External resources