Korean firms in $940m floating power plant agreement
Polaris Shipping, Korea Midland Power, Hyundai Heavy Industries (HHI) and Siemens Energy Solutions have signed a $940m memorandum of understanding (MoU) to develop a Floating Storage Regasification Unit (FSRU) with an integrated power plant.
December 10, 2013
The ‘Mobile Powership’, scheduled to begin operation in 2017, is based on HHI's existing LNG FSRU design, and is fitted with a combined-cycle power-generation unit with a capacity of 880MW. The vessel will operate as a mobile power plant, “with a capacity to promptly manage natural disasters, such as earthquake and flood”, according to a Polaris Shipping spokesperson.. Power will be transmitted using existing cables in order to minimise costs.
Once the design’s power generation performance has been tested in Korea, Powerships will be exported to the Philippines, Indonesia, Brazil, and other countries where power shortage has become a critical issue, generating a projected $2bn per project.
“Siemens is delighted to participate in the Powership project,” said ceo Rochus Bergmann. “Synergy between Siemens’ engineering knowhow and Hyundai Heavy Industries’ world class shipbuilding technology will create a state-of-the-art offshore combined cycle power plant.”
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