Project Overview With an investment of 771.6 billion won ($550 million), the plant will have a capacity of 107.9 MW, capable of generating enough electricity to power 270,000 four-person households annually. Construction is slated to begin in March 2025, with the plant expected to be operational by March 2028.

The power plant will address critical energy deficits in the region, enhancing electricity supply reliability to industrial complexes such as the Pohang Yeongil Bay and Blue Valley complexes. These industrial hubs, currently grappling with power shortages, are anticipated to benefit significantly from the stable energy output.

Economic and Regional Benefits The project is not just an energy solution; it also promises substantial economic advantages:

Job Creation: Approximately 1,200 jobs are expected during the construction and operational phases. Tax Revenues: The initiative is projected to generate 73.3 billion won in corporate tax revenues, boosting regional financial stability. Industrial Growth: Improved power supply will likely attract additional investments to local industrial complexes, revitalizing the region’s economy. Energy Transition and Policy Alignment Governor Lee Cheol-woo emphasized that the Gangdong project aligns with South Korea’s broader energy transformation and industrial policies. “This hydrogen fuel cell power generation project is a significant step in integrating energy policy with advanced industry investment policy,” he remarked. Governor Lee further highlighted the potential of the Regional Activation Investment Fund to create transformative regional impacts, setting an example for sustainable development.

The fund, a joint effort involving the government, local administrations, and private financial entities, has already supported major projects like the Chungbuk Danyang Station Complex Tourism Complex and the Jeonnam Yeosu Myodo LNG Terminal. With plans to inject an additional 300 billion won into the fund next year, the government underscores its commitment to fostering regional innovation and energy sustainability.

A Green Future for Gyeongju and Beyond The Gangdong Hydrogen Fuel Cell Power Plant represents a pivotal move in South Korea’s energy transition, prioritizing cleaner, renewable energy sources. By addressing power deficits and spurring economic growth, this project demonstrates how strategic investments in green energy can drive both sustainability and regional development.

As South Korea accelerates its renewable energy efforts, this landmark initiative in Gyeongju is set to serve as a blueprint for future projects across the country.