Scheduled to begin construction in March 2026, South Korea is preparing to build the Gyeongju plant , the world’s largest hydrogen plant, located in the Gyeongju industrial region of Gyeongsangbuk-do. The ambitious project, spearheaded by the Ministry of Strategy and Finance, is designed to operate from March 2028 and will supply electricity to some 270,000 homes .
Details about the hydrogen plant
The Gyeongju plant will generate electricity using hydrogen fuel cells , having an installed capacity of 107.9 megawatts , enough to supply electricity to approximately 270,000 homes per year , and is expected to be fully operational in March 2028. It will initially use grey hydrogen , produced on-site from natural gas, as an intermediate step towards the long-term goal of using green hydrogen .
Furthermore, it will be built under a mixed-investment model , with resources from the Regional Regeneration Investment Fund and private funds. The total investment amounts to 771.6 billion won , making it the fourth major initiative financed by this public-private fund for local revitalization.
Why is this project important?
The project will help resolve the power supply issues currently facing the Pohang Yeongil and Blue Valley industrial parks, both of which are crucial to the regional economy. The project is estimated to create around 1,200 jobs and generate corporate tax revenue of 73.3 billion won over its operational lifespan.
A replicable model of sustainable regional financing
Thanks to the Gyeongju plant, South Korea will be able to position itself among the global leaders in hydrogen technology for large-scale stationary applications. With this project, it will surpass the previously largest plant, the 79 MW Shin Incheon Vision Dream .
Furthermore, the fact that it has a 20-year renewable energy certificate (REC) contract and that the country’s government is already considering expanding the fund with an additional 300 billion won ensures its profitability and makes it a pilot project that could be replicated in other regions of the world.
Source: Fuel Cells Works .
