Ansan Banwol Combined Heat and Power Plant to Replace Coal with Eco-Friendly LNG and Hydrogen Facilities

Ansan City and GS Banwol Combined Heat and Power Plant Sign Agreement

The GS Banwol Combined Heat and Power Plant, located in Choji-dong, Danwon-gu, Ansan City, Gyeonggi Province, will be transformed into an eco-friendly power plant.

On the 22nd, Ansan City announced that it had signed a business agreement with GS Banwol Combined Heat and Power Plant for an eco-friendly energy transition and regional coexistence and cooperation.

Lee Mingun, Mayor of Ansan (left), and Lee Jungkyun, CEO of GS Banwol Combined Heat and Power Plant, are holding up the agreement document at the business agreement ceremony for eco-friendly energy transition on the 22nd. Provided by Ansan City

According to the agreement, GS Banwol Combined Heat and Power Plant will invest approximately 1 trillion won in a large-scale modernization project to replace its aging coal facilities with eco-friendly combined heat and power facilities capable of co-firing liquefied natural gas (LNG) and hydrogen.

Under the agreement, the company will pursue the following: ▲ decommissioning of outdated coal power plants and conversion to eco-friendly facilities, ▲ expanding energy cooperation with local businesses, ▲ strengthening the use of renewable energy such as hydrogen, and ▲ increasing contributions to the local community. The city will provide support for administrative procedures necessary for the project, cooperate on revising development plans for the Banwol National Industrial Complex, and support policies for carbon neutrality and energy efficiency.

Previously, both parties engaged in close consultations to reach this agreement. The company visited the city to explain the project and request cooperation, while the city listened to the company's current status and challenges, reviewed administrative support measures for the eco-friendly transition, and explored ways to promote regional development through on-site executive meetings attended by the mayor and senior officials.

The city expects this agreement to yield not only economic and environmental benefits but also enhance the value of the city's brand. In addition, it anticipates that the 1 trillion won investment will lead to increased participation from local businesses and higher tax revenue, resulting in significant economic achievements.

Imingeun Lee, mayor of Ansan, stated, "This agreement will serve as an important milestone for Ansan City in leading the era of eco-friendly energy transition," adding, "We will continue to create an environment where companies can invest with confidence and establish pleasant living conditions that citizens can truly experience."