EGCO Group pursues SK expansion with investment in fuel cell project
With a new investment in a 19.8 MW fuel cell project, Electricity Generating Public Company Limited or EGCO Group has increased its portfolio in South Korea.
Jakgrich Pibulpairoj, the president of EGCO Group, said Paju Energy Service Co Ltd (Paju ES), a company in which EGCO Group owns a 49 per cent equity interest, will build and operate the Gangdong Fuel Cell Project, a 19.8 MW grid-connected fuel cell project in Gangdong-gu, Seoul, South Korea.
SK E&S Co Ltd retains the remaining 51 per cent equity in Paju.
Construction of the Gangdong Fuel Cell Project is to commence in August, with commercial operations expected to begin the fourth quarter of 2020, said Jakgrich.
The project will sell electricity to Korea Electric Power Corporation (KEPCO), the sole off-taker of wholesale power generation in South Korea, through the Korea Power Exchange.
It will also sell thermal energy, as well as receiving renewable credits in the form of renewable energy certificates for its electricity generation output.
“We are excited to further strengthen our partnership with SK E&S to meet growing demand in South Korea for clean and reliable electricity,” Jakgrich said.
“The Gangdong Fuel Cell Project will enable Paju ES to fulfill a portion of its renewable-portfolio standard obligations on a long-term basis and generate incremental economic earnings to Paju ES.”
After the completion of the new project, EGCO Group will have interests in two power plants in South Korea, with a total equity capacity of 902.97 MW.
A fuel cell is an electrochemical device that combines hydrogen from natural gas and oxygen to produce electricity and heat. Fuel cells operate without combustion and are considered an option for a reliable source of power.
