Korean investment in £3bn landmark scheme
KOREAN giant Samsung has agreed to take a 15% stake in 2Co Energy’s £3bn Don Valley Power Project.
The deal will also Samsung Construction and Trading take on the engineering, procurement and construction contract for the project which will use carbon capture and storage technology to produce 650MW of clean energy from coal.
Yeon-Joo Jung, vice chairman and chief executive of Samsung C&T, said: “The Don Valley Power Project is defining the future of low carbon energy generation in the UK and we are delighted to be part of the project.
“Samsung C&T will work with 2Co Energy in the UK to create an international hub of knowledge and expertise in a vital new technology the rest of the world is looking to pioneer.”
2Co Energy is currently bidding for EU funding to help support the project and if successful could start construction next year.
Lewis Gillies, chief executive of 2Co Energy, said: “Samsung’s landmark investment is a major vote of confidence in the UK’s potential to lead the world in carbon capture and storage technology.
“The Don Valley Power Project is the largest and most cost effective CCS project in Europe and Samsung’s capability, strength and scale now make it Europe’s most deliverable CCS project as well.
“The regional infrastructure created by the project will help the UK lead a clean industrial revolution that keeps the lights on and boosts jobs, green growth and innovation.”
The Don Valley Power Project will see captured CO2 piped to the North Sea where it will be used to help extract oil before being stored underground.
Julian Smith, MP for Skipton and Ripon, said: “Supporting a low carbon economy is vital to boosting UK growth and jobs in those regions that need them most.
“Samsung’s landmark investment makes Yorkshire the natural choice for the first carbon capture and storage network in the UK and Europe.”
Stephen Brown, director of strategy at CO2Sense, said: “The Don Valley Power Project will become an anchor for what could become the world’s first industrial CCS cluster. Samsung’s UK investment is a compelling signal to Government, the European Commission and industry.”
