Equis Development Pte. Ltd. has reached financial close and begun construction on a 40MW hydrogen fuel cell power generation project in Uijeongbu City, Gyeonggi Province, South Korea.
This project marks a significant milestone as Korea’s first and largest fuel cell project to secure a 20-year revenue offtake agreement with KEPCO through the inaugural Clean Hydrogen Portfolio Standards (CHPS) auction.
The project is set to have a substantial impact on local energy supply, with the capacity to power up to 93,000 households in Uijeongbu City upon completion.
This development will dramatically increase the city’s energy self-sufficiency from 1 per cent to 20 per cent.
Utilising Phosphoric Acid Fuel Cell technology, the project will not only generate electricity but also supply heat to Seoul Energy Corporation under a separate 20-year heat offtake agreement.
This dual-purpose approach is expected to serve up to 33,000 households in Seoul with heat, contributing to carbon neutrality efforts through fossil fuel displacement and emissions reductions.
Sung Woo Yang, Managing Director and Country Head of Korea for Equis, emphasised the project’s strategic importance: “The substantial scale of the project enables us to swiftly meet Uijeongbu City’s energy demands while promoting the transition to sustainable energy sources.
“With a nameplate capacity of 40MW, we are also supporting the government’s goal of building distributed power generation in metropolitan load centres.”
Partnering with Doosan Fuel Cell, the project will be supplied with 90 systems of Doosan’s flagship PureCell Model 400.
Samchully ES will oversee the engineering, procurement, and construction of the project’s balance of plant.
This development aligns with South Korea’s broader energy transition goals.
In May 2023, the Ministry of Trade, Industry and Energy released guidelines establishing a distinct hydrogen power bidding market, with plans to secure 5,200GWh and 9,500GWh of volume for grey and clean hydrogen through 2028.
Adam Ballin, Managing Director and CEO of Equis, expressed optimism about the project and future opportunities, stating: “We are proud to advance this landmark project to the construction phase and remain optimistic about the significant growth anticipated in the hydrogen power market.
“Equis will continue to explore new opportunities across the hydrogen value chain, recognising the hydrogen sector as highly complementary to our existing energy transition portfolio in our core markets of Korea, Japan and Australia.”
Equis, which specialises in developing, constructing, and operating renewables and waste management businesses in Korea, plans to further expand its focus on hydrogen opportunities within the Korean market, supporting the country’s ongoing energy transition efforts.
