This photo, provided by GS EPS, shows its fourth LNG-fired power plant in Dangjin, South Korea.
SEOUL, June 14 (Korea Bizwire) — LG Chem Ltd., a leading South Korean chemical manufacturer, said Tuesday it had signed a heads of agreement with GS EPS Co., a utility affiliate of GS Group, to promote cooperation in the development of biomass-based eco-friendly energy solutions.
The two parties plan to use renewable energy fuel made by processing waste woods generated at homes and industrial sites into wood chips.
Under the terms of the agreement, the two parties will review the idea of building a joint biomass power plant at LG Chem’s Yeosu plant by 2025. The biomass power plant will use waste wood to produce industrial steam and electricity.
Moreover, in collaboration with the Korea Power Exchange, they will strengthen the foundation for a direct power purchase agreement (PPA) system as well as explore various business opportunities in eco-friendly energy.
Once the joint venture is established, LG Chem will be able to produce steam (heat source) needed for the operation of petrochemical plants and complexes through biomass.
LG Chem noted that it would contribute to reducing carbon emissions by about 400,000 tons per year.
At present, GS EPS is operating Asia’s first 100-megawatt biomass plants in Dangjin, South Chungcheong Province.
J. S. Shin (js_shin@koreabizwire.com)
