March 28 (Bloomberg) -- Samsung Group agreed to buy a 15 percent stake in 2Co Energy Ltd.’s carbon-capture and storage project for a power plant in northern England.
Samsung C&T, the construction and trading arm of Samsung Group, will build the 650-megawatt coal-fired Don Valley Power Project in South Yorkshire, London-based 2Co Energy said today in an e-mailed statement. Financial details weren’t disclosed.
The project will capture 90 percent of its carbon dioxide emissions to help in the extraction of 150 million barrels of oil from the North Sea, 2Co Energy said. Work at the plant is scheduled to begin in 2013, 2Co said on Jan. 31. It is due to start operating in 2016.
The U.K. yesterday started a 1 billion-pound carbon capture and storage funding program as it seeks to meet energy demand without adding to pollution. The full process of capturing, transporting and storing CO2 hasn’t yet been successfully deployed on a commercial scale at power plants.
2Co’s project, which will cost about 3 billion pounds ($4.8 billion), has won 180 million euros ($240 million) in funding under the European Energy Programme for Recovery and is being considered for further grants from the European Commission, 2Co Energy said.
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