Samsung secures 15% stake in UK coal power project

29 March 2012 (Last Updated March 29th, 2012 18:30)

Samsung Construction & Trading (C&T) has secured a 15% stake in 2Co Energy’s 650MW coal-fired Don Valley Power Project in South Yorkshire, UK.

Samsung Construction & Trading (C&T) has secured a 15% stake in 2Co Energy's 650MW coal-fired Don Valley Power Project in South Yorkshire, UK.

The two companies will jointly develop the £3bn carbon-capture and storage (CCS) project which is bidding to secure EU and UK funding.

Samsung C&T vice chairman and CEO Yeon-Joo Jung said, "Samsung C&T will work with 2Co Energy in the UK to create an international hub of knowledge and expertise in a vital new technology the rest of the world is looking to pioneer."

2Co Energy chief executive Lewis Gillies said "Samsung's landmark investment is a major vote of confidence in the UK's potential to lead the world in carbon capture and storage technology.

"The Don Valley Power Project is the largest and most cost effective CCS project in Europe and Samsung's capability, strength and scale now make it Europe's most deliverable CCS project as well," said Gillies.

Samsung C&T in partnership with AMEC will carry out the engineering, procurement and construction contract for the onshore part of the power project.

The project will capture 90% of its carbon dioxide emissions, before piping the CO2 out to the North Sea to recover about 150 million barrels of hard to reach oil from the North Sea.

It will provide low carbon electricity to one million UK homes from the end of 2016.

Planning permission for the power plant has already been granted and work is expected to begin in mid-2013 with operations due to start from 2016.