Hyundai Engineering was selected as the preferred negotiation partner for the construction projects of the Yongin combined heat and power plant and the Shinho-nam combined-cycle power plant, with a total project cost of 2.3826 trillion won.
Hyundai Engineering said on the 10th that it was selected on the 9th as the preferred negotiation partner for the "Yongin combined heat and power plant construction project," ordered by Korea Midland Power Co. (KOMIPO) and SK Innovation E&S, and for the "Shinho-nam combined-cycle power plant construction project," ordered by Korea East-West Power Co. (EWP), respectively.
The Yongin combined heat and power plant construction project will build power generation facilities with a capacity of 1,050MW and heat production facilities with a capacity of 517 Gcal per hour in Cheoin-gu, Yongin, Gyeonggi Province. The total project cost is about 1.7526 trillion won.
Hyundai Engineering will oversee engineering, procurement and construction (EPC). Construction will begin this month and is scheduled for completion in September 2030. The electricity and heat energy produced after completion will be supplied to the Yongin semiconductor cluster.
Because semiconductor production facilities require not only large amounts of electricity but also heat energy and steam to maintain processes and the production environment, the plant will serve as an energy supply facility within the cluster.
The Shinho-nam combined-cycle power plant project will build a 500MW liquefied natural gas (LNG) combined-cycle plant on the site of the former Honam thermal power plant within the Yeosu National Industrial Complex in South Jeolla Province. The total project cost is about 630 billion won.
Hyundai Engineering, as the consortium lead, will handle design and procurement of major equipment. POSCO E&C will be in charge of auxiliary equipment procurement and construction. Groundbreaking is slated for June 2027, with completion in May 2030.
The Honam thermal power plant began commercial operation in 1973 and was operated for about 48 years until 2021. Through this project, an LNG combined-cycle power facility will be established on the site of the existing thermal power plant.
The two power projects will be promoted so they can be converted to a hydrogen co-firing method, which uses LNG and hydrogen together, and to a hydrogen-only combustion method that uses hydrogen as the sole fuel. In the early stage after completion, LNG will be used as the main fuel, with the share of hydrogen use to be expanded later.
Through these projects, Hyundai Engineering has expanded its foundation for carrying out power generation businesses in the capital region and the Honam region. It also plans to participate in additional combined heat and power projects within the Yongin semiconductor cluster and in power generation and district energy projects in the Yeosu area.
A Hyundai Engineering official said, "This achievement shows the market's trust in Hyundai Engineering's technical prowess and project execution capabilities accumulated in the energy business," adding, "We plan to continue contributing to securing national power stability through various energy transition infrastructure projects, including combined-cycle and combined heat and power, while steadily strengthening our businesses in next-generation energy fields such as SMR, nuclear fusion and hydrogen."