Doosan Heavy Industries & Construction is actively strengthening its eco-friendly energy business and showing notable outcomes in the hydroelectric power plant market.
Doosan disclosed that it had joined Korea South-East Power Company(KOEN), Korea Overseas Infrastructure & Urban Development Corporation (KIND), and International Financial Corporation(IFC) to participate in the Upper Trishuli-1 Hydroelectric Power Plant construction project. On October 29, the company signed a KRW 400 billion contract with NWEDC*, whose largest shareholder is KOEN.
* NWEDC (Nepal Water & Energy Development Co.): A special-purpose corporation with 50% stake owned by KOEN, 25% by KIND, and 15% by IFC
The 216MW Upper Trishuli-1 Hydroelectric Power Plant project is located near Trishuli River, 70km north of the Nepalese capital Kathmandu. The construction period is set to be about five years, and Doosan will be responsible for the manufacturing and supply of the main components, such as the turbine and power generator, as well as the construction of the power plant.
Doosan is also planning to participate in Pakistan’s No. 2 Hydroelectric Power Plant project, which is to be led by KOEN. On the same day, Doosan signed an MOU for business cooperation with KOEN in regards to the 215 MW Asrit-Kedam Hydroelectric Power Plant ordered by the Pakistani government. The power plant is located 375km north of the Pakistani capital Islamabad, and its construction is scheduled to start at the end of 2022.
Doosan began the hydroelectric power plant business in the 1980s and served as the main contractor for hydroelectric power plants constructed in Muju, Sancheong, Yangyang, and Yecheon in Korea for a total installed capacity of 3,100MW. It has also supplied the components for many hydroelectric power plants in Korea, the United States, India, and the Philippines.
“Winning this hydroelectric power plant contract will help expedite Doosan’s efforts for the eco-friendly energy business, including the offshore wind farm and hydrogen business. We plan to step up efforts for the local manufacturing of plant components and plant engineering and will seek to promote the related industries in Korea, as we expect to see more business opportunities, such as the need for modernization of old hydroelectric power plants, in both the domestic and overseas markets,” said Inwon Park, CEO of Doosan Heavy’s Plant EPC Business Group.
Doosan participated in the “Declaration Ceremony of Korea’s Vision for the Hydroelectric Power Business,” which was hosted by Korea Hydro & Nuclear Power in June, to show its commitment to promoting the local manufacturing and engineering of hydroelectric power plant components and to foster growth of the related industries. In September, it signed an MOU with Andritz, the Austria-based global leader of hydroelectric power, for technical and business cooperation in order to establish the groundwork for technology self-reliance in hydroelectric power and expand growth of the hydroelectric power business at both home and abroad.