GS E&C invests W500b in renewable energy projects

Pohang Mayor Lee Kang-deok (left) and GS E&C Chairman Huh Yoon-hong shake hands during a signing ceremony held in Pohang, Gyeongsang Province on Wednesday North. (GS E&C)

GS Engineering & Construction is teaming up with Pohang City in North Gyeongsang Province to invest in green energy, the company said on Wednesday.

The construction company said it has signed a memorandum of understanding with the Pohang City Government to build solar power and hydrogen fuel cell factories that are expected to operate in the 4th Yeongilman General Industrial Complex. .

The partnership is in line with Pohang’s commitment to transform the region into a carbon neutral zone by operating the complex entirely on renewable energy sources.

Built in 2019, the Yeongilman 4th General Industrial Complex is a 2.6 million square meter industrial complex in Pohang. It is home to various secondary battery manufacturers as well as Posco Chemical, the battery branch of the Posco group.

GS will inject a total of 500 billion won into the complex over six years, from 2023 to 2028.

As part of the deal, GS E&C will build solar power plants and hydrogen fuel cell power plants inside the complex. The company expects these facilities to generate some 98.9 megawatts of electricity each year.

This is not the first time that GS E&C has joined forces with Pohang for an eco-responsible project. The construction company signed an investment agreement to build a secondary battery recycling facility last year. The factory will lead the way this year.

“GS E&C will commit to sustainable management of the company that takes into account the environment and social impact, because this investment concerns an environmentally friendly company that aims to produce electricity at 100% from renewable sources, ”said Huh Yoon-hong, president of GS E&C. .

By Kang Jae-eun ([email protected])

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