STX Energy signed an agreement to collaborate in building two coal-fired power plants with the Korea East-West Power Co. on Thursday.
Under the agreement, the companies will build two 500 megawatt power plants in Donghae, Gangwon Province with an estimated cost of 2 trillion won ($1.78 billion).
The first of the two plants is scheduled to go into operation in December 2014, while the second plant is due to begin operations in April 2015.
STX Energy, which will be responsible for building and operating the plants, will hold 51 percent of the project.
Computer generated image of STX Energy’s power plants. (STX Energy)
Korea East-West Power, which will hold the remaining 49 percent, will oversee construction management and maintenance following completion.
The work on the plants will get underway early next year, following environmental studies and the selection process for a power-generating equipment supplier this year.
According to STX Energy, the plants will be designed to minimize their environmental impact through the application of new technologies and facilities including systems for removing sulfur and nitrogen from emissions from the burning of coal. The plants will be capable of reducing the amount of sulfur and nitrogen oxides produced to less than half of the legal limits.
In addition, the plants will be equipped with an enclosed conveyor belt system and storage facilities for coal to prevent dust.
By Choi He-suk (
cheesuk@heraldcorp.com)
