GS Construction Invests 500 Billion KRW in Renewable Energy Business... Signs MOU with Pohang City

[Asia Economy Reporter Kim Hyemin] GS Engineering & Construction will invest 500 billion KRW in building and operating renewable energy power infrastructure.

GS Engineering & Construction announced on the 19th that it signed a memorandum of understanding (MOU) regarding this at Pohang City Hall. The signing ceremony was attended by Heo Yunhong, Head of GS Engineering & Construction's New Business Division, and Lee Kangdeok, Mayor of Pohang.

According to this MOU, GS Engineering & Construction plans to supply 100% renewable energy using solar power and hydrogen fuel cells at the Yeongilman 4 General Industrial Complex in Pohang. The secured capacity is approximately 98.9 MW. The investment amount is about 500 billion KRW, with investments taking place over six years starting from 2023.

This industrial complex is being prepared by Pohang City as an advanced base for future carbon neutrality. It was established to become an energy self-sufficient complex by applying the 'RE100' project, a voluntary campaign where electricity consumers such as companies use 100% renewable energy. GS Engineering & Construction will be responsible for supplying and operating renewable energy. Last year, it also signed an investment agreement with Gyeongsangbuk-do Province and Pohang City to build a secondary battery recycling manufacturing facility in the complex.

Heo Yunhong stated, "With this investment, we will continue sustainable management that considers the environment and society as a leading ESG company."

Meanwhile, GS Engineering & Construction is expanding its eco-friendly business areas as future growth engines, including GS Inima's water treatment facilities, smart aquaculture, housing modular, overseas solar power, and secondary battery recycling businesses.

This content was produced with the assistance of AI translation services.