SK E&C inks 3.7 trillion won deal to build power plants in Goseong
SK Engineering & Construction (E&C) Vice Chairman Cho Ki-haeng, right, poses with Goseong Green Power President and CEO Jung Seok-bu, center, during a power plant contract signing ceremony at the Walker Hill Hotel in eastern Seoul, Friday. / Courtesy of SK E&C
By Jhoo Dong-chan
SK Engineering & Construction (E&C) has clinched a 3.7 trillion won ($3.2 billion) deal to build a power plant for Goseong Green Power in Goseong, South Gyeongsang Province, the company said Sunday.
Under the deal, SK E&C will jointly build two 1.040-megawatt power generators with Seohee Construction. SK E&C has 90 percent of the project while Seohee Construction has the rest.
SK E&C said the new power plant, the Goseong Hai Thermal Power Plant, will use so-called “ultra super critical” technology, which is 15 percent more efficient by running at a higher temperature using less coal. It will also produce fewer pollutants, including sulfur and nitrous oxides, compared with existing coal-fired power plants.
Construction is scheduled to be completed by 2021 and the plant is expected to be the nation’s largest privately invested power station. Total construction expenses amount to 5.2 trillion won, the largest for an independent power producer, while project finance is the largest at 4.3 trillion won, involving more than 20 investment companies.
“SK E&C’s differentiated construction know-how through various projects at home and abroad was recognized in the bidding,” an official said. “We will apply top-notch technology to build an efficient power plant.”
SK E&C completed the Eurasia Tunnel project in Turkey in December and is building a hydroelectric power plant in Laos. It also was selected as a preferred bidder for the Canakkale Strait Bridge project in Turkey worth 3.5 trillion won.