Pocheon CCPP(Korea)

Established in July 2008, Pocheon Power is an LNG-based combined cycle power plant which is developed by the IPP Business Team at DAELIM Industrial Co., LTD, formerly DAELIM Energy. DAELIM Energy currently owns DAELIM Industrial’s entire stake (33.3%) in Pocheon Power.

In 2008, DAELIM Industrial succeeded in taking part in the Pocheon project as part of the 4th Master Plan for Long-Term Electricity Demand and Supply, the Korean government’s master plan on electricity which is updated every year. Upon completion of building taken for three and a half years, Pocheon Combined Cycle Power Plant Unit 1 and 2 started its commercial operation in July and August 2014 respectively, which is three months in advance than the planned COD (Commercial Operation Date by reducing the commissioning period.

To be specific, Pocheon Power comprises two 780MW units worth an installed capacity of 1,560MW; each unit is installed with two gas turbines and one steam turbine. Built in northeast of the Seoul metropolitan area, the largest electricity market in Korea, the Pocheon Combined Cycle Power Plant is ideally located as it adjoins the nearby transmission lines and fuel supply lines.

As IPPs (Independent Power Producers), DAELIM Industrial and DAELIM Energy have cut total investment costs and construction time by saving cost on land acquisition and managing EPC efficiently. Total investment costs for the construction of the Pocheon power plant was 8% - 13% lower than that for other similar plants of its capacity.

[Approximately 1.23 trillion won (equivalent to USD 1.1billion as KRW/USD 1,100) worth of private capital was invested in the project including 0.9 trillion won (equivalent to USD 0.8 billion as KRW/USD 1,100) worth of project financing from the Korea Development Bank, largest PF lender for Independent power generation business in Korea.]

Pochen Power Panorama View

Project Outline

Project Outline
Company Name Pocheon Power
Location Pocheon-si , Gyeonggi-do, Republic of Korea
Generation Type LNG-based combined Power Plant
Capacity 1,560 MW (2 units of 780MW)
Commercial Operation August, 2014
EPC Contractor DAELIM Industrial
Major Shareholders DAELIM Energy (33.3%), KIAMCO (44.4%)