Saemangeum CHP power station
| Part of the Global Coal Plant Tracker, a Global Energy Monitor project. |
| Related coal trackers: |
Saemangeum CHP power station (새만금발전소) is an operating power station of at least 304-megawatts (MW) in Gunsan, Soryong, North Jeolla, South Korea. It is also known as 새만금발전소, Saemangeum Collective Energy Facility.
Location
Table 1: Project-level location details
| Plant name | Location | Coordinates (WGS 84) |
|---|---|---|
| Saemangeum CHP power station | Gunsan, Soryong, Gunsan, North Jeolla, South Korea | 35.93788, 126.56613 (exact) |
The map below shows the exact location of the power station.
Unit-level coordinates (WGS 84):
- Unit 1, Unit 2: 35.93788, 126.56613
Project Details
Table 2: Unit-level details
| Unit name | Status | Fuel(s) | Capacity (MW) | Technology | Start year |
|---|---|---|---|---|---|
| Unit 1 | operating | coal: unknown, bioenergy: wood & other biomass (solids) | 152 | subcritical | 2016 |
| Unit 2 | operating | coal: unknown, bioenergy: wood & other biomass (solids) | 152 | subcritical | 2016 |
Table 3: Unit-level ownership and operator details
| Unit name | Owner | Parent |
|---|---|---|
| Unit 1 | OCI SE Co Ltd [100%] | OCI Holdings Co Ltd |
| Unit 2 | OCI SE Co Ltd [100%] | OCI Holdings Co Ltd |
Project-level captive use details
- Captive industry use (heat or power): power
- Captive industry: Machinery
Background
In July 2012, OCI established OCI SE to construct a cogeneration power plant within the Saemangeum Industrial Complex in Gunsan City, North Jeolla.[1][2][3]
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.[4]
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.[5]
The plant was completed in April 2016.[6]
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.[1] According to a 2023 company report, the power station was co-firing with up to 50% wood pellets.[7]
Financing
In December 2013, a financing agreement was closed.[8] At least KRW 344 billion (US$310 million) 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)[8]
- KDB Life Insurance: KRW 79.6 billion (US$71.6 million)[9]
- Nonghyup Life Insurance: KRW 10 billion (US$9 million)[8]
- Nonghyup Bank: KRW 20 billion (US$18 million)[8]
- Industrial Bank of Korea: KRW 55 billion (US$49.5 million)[8]
- Heungkuk Life Insurance: KRW 52 billion (US$46.8 million)[9]
- Kyobo Life Insurance: KRW 66.2 billion (US$59.6 million)[9]
- NH Bank: KRW 9.5 billion (US$8.55 million)[9]
- Shinhan Bank: KRW 35.4 billion (US$31.9 million)[9]
In October 2015, a refinancing agreement was closed for US$311.7 million in loans, but the financiers were not disclosed.[8]
Articles and Resources
References
- ↑ 1.0 1.1 "Cogeneration Power Plant," OCI, accessed November 2021
- ↑ "OCISE(주)," Google Maps, accessed November 2021
- ↑ "Subsidiaries," OCI, accessed November 2021
- ↑ "OCI breaks ground for North Jeolla power plant," Korean Herald, October 21, 2013
- ↑ "Doosan Heavy Industries & Construction Wins US$ 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
- ↑ Business Review, OCI Holdings, 2023
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 "Financing Dirty Energy," Solutions for Our Climate, January 2018
- ↑ 9.0 9.1 9.2 9.3 9.4 "Tracing 12 Years of Korea’s Coal Finance Addiction," Korea Sustainability Investing Forum, January 2021
Additional data
To access additional data, including an interactive map of coal-fired power stations, a downloadable dataset, and summary data, please visit the Global Coal Plant Tracker on the Global Energy Monitor website.
