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  1. Market Data
September 2, 2021

Pyeongtaek Fuel Cell Power Plant, South Korea

By Carmen

The Pyeongtaek Fuel Cell Power Plant is a 360,000kW energy storage project located in Pyeongtaek, Gyeonggi, South Korea.

The electro-chemical battery energy storage project uses fuel cells as its storage technology. The project was announced in 2014.

Description

The key application of the project is on-site power.

Contractors involved

Doosan Fuel Cell America and POSCO Energy are the technology providers for the project.

Additional information

Gyeonggi Province and Pyeongtaek City will provide the land needed for the construction of the fuel cell power plant and support the administrative procedures required for facility establishment. Korea Gas Corporation will supply fuel, while POSCO Energy and Doosan will procure fuel cell power generation equipment. Korea Investment and Securities and Darby Overseas Investments will handle the financial intermediation and financing. GK Holdings will manage the project and undertake operational work. The construction of the fuel cell power plant is a large project with a total investment of KRW 2 trillion. In the first stage, KRW 500 billion will be invested in a capacity of 100MW; this will be expanded to 360MW in the second stage. First-stage construction will commence from 2015 and be completed in 2016; second-stage construction will continue until 2018.

Methodology

All publicly-announced energy storage projects included in this analysis are drawn from GlobalData’s Power IC. The information regarding the projects are sourced through secondary information sources such as country specific power players, company news and reports, statistical organisations, regulatory body, government planning reports and their publications and is further validated through primary from various stakeholders such as power utility companies, consultants, energy associations of respective countries, government bodies and professionals from leading players in the power sector.

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