POSCO Energy Picks up Power Plant Project in Botswana, South Africa
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POSCO Energy Picks up Power Plant Project in Botswana, South Africa
The POSCO affiliate becomes first Korean energy firm to enter South Africa to take charge of a power plant project

26(Sat), Dec, 2015




President Yoon Dong-jun of POSCO Energy Co.(Photo: POSCPO Energy)



POSCO Energy has become the first Korean builder to win a thermal power plant project in South Africa by being named as the priority bidder for the Morupule B2 Stage Nos. 5 and 6 power generators in Botswana Republic, South Africa, the company said recently.

The power plant builder said the project is worth $800 million and will be shared 50/50 with its partner Marubeni Trading Co. of Japan. The partners also won the rights to run the power plant for 30 years after completing the project. The two companies will start to work on the project in the first half of next year with completion targeted for May 2020.

The project was ordered by the Ministry of Minerals, Energy and Water Resources of Botswana through an international competitive bidding process. This is the first time a Korean energy company has made headway into South Africa. 

The Korean company had formed a consortium with Japanese general trading company Marubeni to take part in the project. The Korean company would jointly operate and manage the power plants with the Japanese trading company over the next three decades. 

GS Engineering & Construction Corp. will be in charge of the construction of the power plants and $600 million will be financed by the Export-Import Bank of Korea, Japan Bank for International Cooperation (JBIC) and an international commerce bank through project financing. The Korean company plans to begin the construction of the power plants during the second half of next year and start the operation in May 2020. Circulating Fluidized Bed (CFB) combustion with environmentally friendly and high efficiency combustion technology will be installed in the power plants to lower the emission of pollutants such as nitrogen oxides and sulfur oxides. 

The company is also expected to receive coal from Morupule Coal Mine near the power plants. 

¡°Being selected as a preferred bidder of the project is meaningful in that we have established a foothold to make forays into South Africa,¡± said Yoon Dong-jun, President & CEO of POSCO Energy. 

POSCO Energy, founded in 1969 as Kyung-In Energy Company and having joined the POSCO Family in 2005, is a comprehensive energy provider engaged in four key energy business areas: Power generation, renewable energy, fuel cells, and resource development.

Having supplied electricity to the metropolitan area for over 45 years, POSCO Energy also runs Gwangyang and Pohang Off-gas Combined Cycle Power Plants, environmentally friendly enterprises generating electricity with off-gases from the process of steel making. Starting with an Off-gas Power Plant project in Indonesia, ¡°we are gradually expanding our presence in the global market to include Vietnam and Mongolia,¡± the company said. 

Since 2007, POSCO Energy has grown into the world¡¯s largest fuel cell provider through continued R&D and investment in fuel cells, and has vigorously implemented a variety of renewable energy business areas including Waste to Energy Business, Photovoltaic power plant and Wind Power Plant.

It is Korea¡¯s first and largest independent power producer, the world¡¯s largest fuel cell provider, and a leader in renewable energy.

¡°These accomplishments have been made through POSCO Energy¡¯s long-standing commitments to the creation of a brighter world with cleaner energy over the last 45 years,¡± the company said. ¡°Producing energy indispensable in our life, future energy through challenge and innovation, and clean energy with the nature, POSCO Energy makes a leap towards becoming the ¡®world best green energy company¡¯ as an ¡®energy creator¡¯ for the future of mankind.¡±







   
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