Hanwha Ocean has reportedly signed a KRW527.9 billion EPC contract with affiliate Yeosu Eco Energy for a 490MW LNG district-heating and cogeneration facility.
The plant will reportedly supply power and steam to the Yeosu National Industrial Complex, to be built on a site in Yeosu, with the contract running through August 2029, it is reported.
The KRW527.9 billion contract reportedly equals about 4.1% of Hanwha Ocean’s FY2025 consolidated revenue of KRW12.78 trillion.
This is reportedly Hanwha Ocean’s first onshore power plant EPC contract since taking over Hanwha’s power generation business, viewed as a case of the company expanding beyond shipbuilding and offshore into onshore energy infrastructure.
This is viewed as a case illustrating shipbuilders’ entry into the onshore power plant market, which could affect the competitive landscape of Korea’s domestic EPC market.
The timing of actual construction start and whether Hanwha Ocean secures further onshore power plant orders are worth watching.