Gyeongju gets $553M hydrogen fuel cell power plant project

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Gyeongju gets $553M hydrogen fuel cell power plant project

Published: 28 Nov. 2024, 18:27

The headquarters building of the Ministry of Economy and Finance in Sejong [MINISTRY OF ECONOMY AND FINANCE]

The Finance Ministry said Thursday it has selected the southeastern city of Gyeongju as the site for a 771.6 billion won ($552.8 million) project to construct the country's largest hydrogen fuel cell power plant.

The project is the fourth initiative supported by a government-led fund established to bolster and revitalize the economies of less-developed regions, the ministry said. It adopts a new regional investment model that also utilizes the private sector's resources.

The proposed 107.9-megawatt plant in Gyeongju will generate enough electricity to power 270,000 households of four people for an entire year, the ministry said.

Construction is set to begin in March, with the plant scheduled to be completed and operational by March 2028, the ministry said.

The ministry expects the plant to provide a stable power supply to industrial complexes in nearby cities and contribute to the growth of related industries, further revitalizing the local economy.

Yonhap