Seoul City Redeems First Fuel Cell Citizen Fund at Maturity... Annual Interest Rate Reaches 3.9%
1,195 Citizens Participated in Investment
Principal Amount 11.4 Billion KRW, Profit 1.337 Billion KRW
Full Repayment on the 25th of Last Month
[Asia Economy Reporter Hyunju Lee] Seoul City announced on the 4th that the nation's first 'Noeul Fuel Cell Citizen Fund' No. 1, which it initiated, matured and fully repaid the principal investment of 11.4 billion KRW and profit of 1.337 billion KRW (annual interest rate 3.9%) to a total of 1,195 participating citizens on the 25th of last month.
The Noeul Fuel Cell Citizen Fund is a product in which general citizens directly invested 11.4 billion KRW out of the total project cost of 121.9 billion KRW while implementing a new energy fuel cell power generation project using hydrogen within Noeul Park, which was created by converting the Nanji landfill site into a park.
The Noeul Fuel Cell Power Plant, established in March 2017, produces and sells electricity sufficient for about 45,000 households annually and heat used by about 9,000 households in an eco-friendly manner. As of 2018, the electricity produced by Noeul Fuel Cell accounted for about 28% of the residential electricity consumption (593 GWh) in Mapo-gu.
Following the fuel cell citizen fund, the city plans to issue the 2nd and 3rd fuel cell citizen funds worth 20 billion KRW each. The 2nd fund will finance part of the Seonam Fuel Cell project within the Seonam Water Reclamation Center, and the 3rd fund will finance part of the Amsa Fuel Cell project within the Amsa Water Purification Center through citizen funds.
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Kwon Min, Seoul City's Air Planning Officer, said, "It is significant that we created a citizen participation-type hydrogen economy growth model that raises interest in new renewable energy and shares the generated profits," adding, "We will develop more diverse and advanced citizen participation models to establish the hydrogen economy."
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