HDC Group, a construction-to-retail conglomerate in South Korea, said Tuesday it has joined hands with Hanwha Energy Corp. for its natural gas power plant project in the country's southeastern coast city.
HDC plans to build and operate a 1,012-megawatt liquefied natural gas (LNG) combined cycle power plant and a 200,000-kiloliter LNG storage tank in Tongyeong, some 330 kilometers south of Seoul.
Under the partnership, Hanwha Energy, an affiliate of Hanwha Group, will supply LNG for the plant, according to HDC. The two sides also agreed to develop the site of the 1.4 trillion-won (US$1.2 billion) project together.
HDC earned a government license for power generation in 2013. The group said the construction of the plant is expected to start in 2021, with commercial operation eyed for 2024. (Yonhap)