Largest Investment Attraction in City’s History
Signed Investment MOU with Gyeongbuk Province and Korea East-West Power
Yeongju City in North Gyeongsang Province has secured a 1.2 trillion won clean hydrogen power plant construction project, declaring its ambition to become the "center of clean hydrogen in Korea."
On September 8, Yeongju City announced that it had signed a memorandum of understanding for joint cooperation and investment in the carbon-free power plant development project with Gyeongbuk Province and Korea East-West Power. This project represents the largest investment attraction in the city's history and is considered a major initiative that will transform the region's industrial landscape over the next decade.
Yeongju City is signing a memorandum of understanding for joint cooperation and investment in the zero-carbon power plant development project together with Gyeongbuk Province and Korea East-West Power on the 8th. Photo by Yeongju City
The project aims to build a 500MW carbon-free clean hydrogen power plant and a battery energy storage system (BESS) on a 115,700-square-meter site in Yeongju City from 2025 to 2035.
The project is expected to directly employ more than 250 people, and with the attraction of partner companies and the influx of families, the population could increase by around 500 people.
The economic ripple effect is also significant. The construction and operation of the power plant are projected to generate 100.8 billion won in local tax revenue and 17.4 billion won in support funds for surrounding areas, with an estimated production inducement effect of approximately 2.346 trillion won. During the construction period, up to 1,000 jobs per day and a total of more than 10,000 jobs are expected to be created, which is anticipated to help revitalize the local construction industry.
Yeongju City is taking a commemorative photo after signing a memorandum of understanding for joint cooperation and investment in the carbon-free power generation project with Gyeongbuk Province and Korea East-West Power. Provided by Yeongju City
This agreement is not simply about attracting investment but is regarded as a strategic project aligned with the government's carbon neutrality and clean energy policies. Gyeongbuk Province will provide administrative support for the hydrogen supply chain, Yeongju City will strengthen its administrative support system for civil affairs, and Korea East-West Power will be responsible for ensuring project stability and technology development.
The synergy with the Yeongju Advanced Bearing National Industrial Complex and existing industrial areas is also substantial. The creation of an industrial cluster that integrates energy and manufacturing is expected to serve as a catalyst for attracting related industries such as AI data centers.
Yu Jeonggeun, Acting Mayor of Yeongju City, stated, "With the attraction of the clean hydrogen power plant, we will supplement our manufacturing-centered industrial structure and actively respond to future industrial changes. We will spare no administrative support to ensure the stable establishment of the industry."
Kwon Myungho, CEO of Korea East-West Power, emphasized, "This investment is a future strategy for Korea East-West Power and a major project that will contribute to both the regional economy and the national hydrogen economy."
Yang Geumhee, Deputy Governor for Economic Affairs of Gyeongbuk Province, added, "Gyeongbuk will lead the clean hydrogen industry and redraw the national industrial map."
Yeongju City expressed confidence, stating, "Based on this investment attraction, we will leap forward as a leading advanced city representing Korea, beyond being an industrial city in northern Gyeongbuk."
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