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DAELIM Energy

Pocheon Power

Pocheon Power, established in July 2008, is an LNG-based combined cycle power plant, 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 obtained approval for 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. The construction was completed in three and a half years and Pocheon Combined Cycle Power Plant Unit 1 started its commercial operation on July, 2014 and Unit 2 in August 2014, three month in advance than the planned COD (Commercial Operation Date), primarily by reducing the commissioning period.

Pocheon Power comprises two 780MW units worth an installed capacity of 1,560MW and each unit is installed with two gas turbines and one steam turbine. Built northeast of the Seoul metropolitan area which makes up the largest in Korea’s electricity market, 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 cost saving on land acquisition and efficient EPC Management. Total investment costs for the construction of the Pocheon power plant was 8% - 13% lower than other similar plants of its capacity.

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

Pochen Power Panorama View

Business Outline

Business 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 2014. 07 (Unit 1), 2014. 08 (Unit 2)
EPC Contractor DAELIM Industrial
Major Shareholders DAELIM Energy (33.3%), KIAMCO (44.4%)