KEB to offer financial advice on Seoul gov’t energy project

Korea Exchange Bank (KEB) said yesterday that it will provide financial consulting on a major government fuel cell development project worth 107 billion won.

The Seoul government will build a fuel cell generator that can produce 20 megawatts of energy near Sangam, Mapo, northwestern Seoul by next June. Its goal is to create an environmentally-friendly power generator near the capital to provide cheaper energy.

KEB and Hana Daetoo Securities will offer consulting, including attracting investors. The state-run energy companies Korea Hydro & Nuclear Power and Korea District Heating Corp. will invest 29 percent and 15 percent each in the project while Seoul City Gas and Posco Energy will cover 15 percent and 10 percent of the project, respectively. The remaining 31 percent of the project must be covered by investors.

KEB said since that since Wednesday last week it has been discussing a time schedule and has found solutions to some problems with the project.