Hanwha Energy Corp., an affiliate of South Korea’s Hanwha Group, has partnered with HDC Holdings Co. for a 1.4 trillion won ($1.21 billion) liquefied natural gas project in a move to take another leap forward to a leading energy solution provider with the eco-friendly generation.

Hanwha Energy said Tuesday it has signed a partnership contract with HDC Holdings to build a 1,012-megawatt combined cycle power plant plus a 200,000-kiloliter LNG tanker in Tongyeong, a southern coastal city of South Korea.

To take up the 1.4 trillion won project, the two companies need clearance from the Ministry of Trade, Infrastructure and Energy by the end of next year to complete the construction in three years for its commercial operation from early 2024.

Hanwha Energy supplies LNG, and HDC Holdings is in charge of plant construction and operation. They also agreed on cooperation in development of other idle land.

With the latest project, Hanwha Energy is aiming to keep introducing competitive fuel from various suppliers to expand its LNG business.

“The project will help the company focus more on the renewable energy business. Hanwha Energy will keep up cooperation with HDC to make more achievement,” said Jung In-sub, chief executive of Hanwha Energy during the signing event.

HDC Holdings CEO Chung Mong-gyu also promised to maintain close relationship with Hanwha Energy for stable and efficient project management, saying “The clean, dust-free fuel supplies will help reduce greenhouse gases in Tongyeong and further to bring regional development.”

By Song Gwang-sup and Lee Ha-yeon

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