A GBP5bn ($8bn) power station and carbon capture and storage (CCS) project in the northeast of England has received a major boost with the news that Japanese technology giant Samsung (SAMS) is to take a 15 per cent stake in the project.

The power station in Hatfield, South Yorkshire, is expected to capture 5m tonnes of carbon dioxide a year, which will be sent to stored in North Sea oil fields.

2Co Energy of the UK was awarded planning permission for the Don Valley power project back in 2009 and received GBP164m of EU funding. And if bids for further UK and EU funding are successful it hopes to start construction next year.

The financial terms of the deal with Samsung C&T, the South Korean company's construction arm, were not disclosed, but as part of the deal, Samsung C&T will take on the EPC contract for the scheme.

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