Samsung C&T joins low-carbon power plant project

Samsung C&T said Wednesday that it will join a British project to build a low-carbon power plant worth 5 billion U.S. dollars.

According to Samsung C&T, it signed a joint development agreement with 2Co Energy of the U.K. on the Don Valley Power Project, which seeks to build integrated gasification combined cycle and carbon capture and storage facilities near the Hatfield Mine in Yorkshire.

Integrated gasification combined cycle is an eco-friendly power generation technology that turns coal into gas in a high-temperature, high-pressure environment to run gas and steam turbines.

Samsung C&T bought 15 percent of the project to lead development, financing and verification of the project’s basic design. Commercial operations of the venture will begin at the end of 2016 and Samsung will join the operations for 20 years.

Samsung C&T Vice Chairman Jung Yeon-joo said, “The project has helped us expand our business to all areas of construction, including development, design, purchasing, operation and investment,” adding, “The project represents an eco-friendly power generation method that is rapidly growing around the world, so we will actively help Korean companies participating in the project.”

balgun@donga.com