Yeosu-si and TW Biomass Energy Co., Ltd. Sign Investment Agreement

Expecting Air Pollution and Greenhouse Gas Reduction Effects
at Collective Energy Facilities Worth 313 Billion KRW

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced on the 2nd that it signed an investment agreement on the 30th of last month with Jeollanam-do and TW Biomass Energy Co., Ltd. to establish a new district heating facility within the Yeosu National Industrial Complex.

On that day, Yeosu Mayor Jeong Gi-myeong, Jeollanam-do Governor Kim Young-rok, and TW Biomass Energy Co., Ltd. CEO Byun Yong-man each signed the investment agreement and submitted it in writing.

Yeosu City signed an investment agreement on the 30th of last month with Jeonnam Province and TW Biomass Energy Co., Ltd. to establish a new district energy facility within the Yeosu National Industrial Complex. The photo shows an aerial view of the Yeosu National Industrial Complex. [Photo by Yeosu City]

TW Biomass Energy Co., Ltd., established as a joint venture by LG Chem Ltd. and GS EPS Co., Ltd. on April 28 last year, plans to invest a total of 313 billion KRW by 2026 to build a district heating facility in the Yeosu National Industrial Complex that will produce 1.62 million tons of steam and 180,000 MWh of electricity annually.

In particular, since biomass (wood chips), a renewable energy source, will be used as fuel, it is expected to provide stable heat and electricity supply to demand sites within the industrial complex while significantly reducing air pollutants and greenhouse gas emissions.

Additionally, through this large-scale investment, it is anticipated that about 100 direct and indirect jobs will be created in construction and partner companies, and the intention to prioritize the use of products from local companies is raising great expectations for revitalizing the regional economy.

Yeosu City and Jeollanam-do plan to provide active administrative support to ensure the smooth progress of this investment.

Mayor Jeong Gi-myeong stated, “This investment will not only breathe new life into the Yeosu National Industrial Complex but also greatly contribute to the transition to an eco-friendly industrial complex by reducing carbon emissions. We will continue to do our best to create jobs and revitalize the local economy through active investment attraction activities.”