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GS E&C invests W500b in renewable energy projects

Pohang Mayor Lee Kang-deok (left) and GS E&C President Huh Yoon-hong shake hands at a signing ceremony held in Pohang, North Gyeongsang Province, Wednesday. (GS E&C)
Pohang Mayor Lee Kang-deok (left) and GS E&C President Huh Yoon-hong shake hands at a signing ceremony held in Pohang, North Gyeongsang Province, Wednesday. (GS E&C)
GS Engineering & Construction is partnering with the city of Pohang, North Gyeongsang Province, to invest in green energy, the company announced Wednesday.

The construction company said it signed a memorandum of understanding with the Pohang city government to build solar energy and hydrogen fuel cell energy production plants set to run in the Yeongilman 4th General Industrial Complex.

The partnership is in line with Pohang’s commitment to turn the area into a carbon-neutral zone by running the complex entirely with renewable energy sources.

Constructed in 2019, the Yeongilman 4th General Industrial Complex is a 2.6 million-square-meter industrial complex in Pohang. It is home to various secondary battery manufacturers as well as Posco Chemical, the battery arm of Posco group.

GS will inject a total of 500 billion won into the complex over six years, from 2023 to 2028.

Under the deal, GS E&C will construct solar power plants and hydrogen fuel cell power plants inside the complex. The company expects these facilities to generate some 98.9 megawatts of electricity every year.

This is not the first time GS E&C has joined forces with Pohang for an eco-friendly project. The construction company inked an investment deal to build a secondary cell battery recycling facility last year. The factory will break ground this year.

“GS E&C will make commitments to corporate sustainable management that considers the environment and social impact, since this investment is about an eco-friendly business that aims to produce electricity 100 percent from renewable sources,” said Huh Yoon-hong, president of GS E&C.

By Kang Jae-eun (kang.jaeeun@heraldcorp.com)
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