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Samsung takes stake in UK CCS project
- 12 years ago (2012-03-29)
- Junior Isles
Samsung Construction & Trading (C&T) has agreed to take a 15 per cent stake in 2Co Energy’s Don Valley project in Hatfield, South Yorkshire. Samsung C&T will also take on the engineering, procurement and construction contract for the onshore power station portion of the scheme.
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Planning permission for the project, formerly known as the Hatfield Project, was obtained in 2009 and it is hoped that construction will start in 2013. Some £164m of EU funding has already been secured for theproject, but the final go-ahead hinges on securing further UK and EU funding. 2Co Energy commented that Samsung's support was a "major vote of confidence" in the project, though financial details of the deal have not been disclosed
2Co Energy says the planned 650 MW project will capture at least 90 per cent of its CO2 emissions and provide low carbon electricity to the equivalent of one million UK homes from the end of 2016. It will use the captured CO2 to recover around 150 million barrels of ‘hard to reach’ North Sea oil.
The project will also create 2800 construction jobs and a further 500 when it is in operation. 2Co Energy plans for the nearby Hatfield Colliery to supply half of the coal needed for the new power plant.
"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,” said Chief executive of 2Co Energy Limited, Lewis Gillies.
"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 is defining the future of low carbon energy generation in the UK and we are delighted to be part of the project," said Vice chairman and CEO of Samsung C&T, Yeon-Joo Jung.
The overall cost of the CCS project is estimated at about £ 5 billion. The onshore power project