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GIMCO Korea Ltd To Start $413m Wood Pellet Project In May

GIMCO Korea Ltd To Start $413m Wood Pellet Project In May
Wood pellet chips. Photo: SELITA BOLANAVANUA
March 19
11:01 2017

Construction work for a wood pellet project is expected to commence in May this year.

Nabou Green Energy Ltd chief executive officer Jun Hyung Lee says the estimated $US200 million ($F413.06m) project is being undertaken by the biomass energy company from Korea, GIMCO Korea Ltd.

The project aims to export 500,000 ton of wood pellets (renewable energy) annually from Fiji to South Korea and other countries.

Project facilities include a pellet processing plant, pellet storage tank, 24MW biomass power plant, and a jetty located in the Central Division.

The jetty would be a private one to be located at a place close to the pellet processing plant for easy exportation processes.

He added the processing plant would be constructed in Dawasamu, Tailevu and they were still examining  places in Viti Levu to construct a jetty.

Mr Lee said the project would generate an annual income of more than $US80 million ($F166.3m), making it one of the top five export commodity of Fiji.

It would also include 24 MW biomass power plant reducing diesel import by 11 million gallon per year, he said.

“Energy dependency for fossil fuel import will be greatly reduced with domestic energy source of wood chip and wood pellet giving Fiji energy security,” he said.

He added that more than 1000 jobs would be created with the pellet project.

Mr Lee said the company needed government’s support with the project to make Fiji the largest wood pellet exporter in the Pacific.

“This project would also boost Fiji’s national goal of 100 per cent renewable energy by 2030.

Completion of the project and exporting of wood pellet is expected to begin by 2019.

GIMCO is also constructing Nabou Green Energy Ltd (NGEL) 12 MW Biomass Power Plant in Nabou, Nadroga which would be operating for the next 25 years supplying power to Fiji Electricity Authority.

EDITED BY: IVAMERE NATARO

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