SK Gas acquires 19% stake in coal thermal power plant

SK Gas, a major gas company under SK Group, said yesterday it has entered the coal thermal power plant business after acquiring a stake in Goseong Green Power (GGP).

GGP will build a 2-gigawatt coal thermal power plant in Goseong, South Jeolla, starting in February 2015. It aims to begin commercial operation in June 2019.

SK Gas said it has acquired a 19 percent stake, while its group affiliate SK Engineering and Construction will hold a 10 percent stake. State-run Korea Midland Power holds the largest stake at 29 percent, while rest are owned by other investors. They will invest a total of 4.5 trillion won in GGP.

SK Gas said that its decision to invest will provide a new growth engine to the company, which has centered its growth vision around LPG chemistry and electric power.