One of domestic power generation companies, Korea East-West Power Corporation(EWP) had no performance in overseas business just two short years ago. However, EWP has accomplished breakthrough results with the profit of KRW 17.8 billion in 2010, only overseas business part. With overseas power plant growing fast, there is a possibility that EWP may face the limitation of sustainable growth with the current low income structure, which is mainly focused on commissioning and power plant management. Accordingly, this study was made on overseas biomass plant business participation plan through the establishment of joint venture. The characteristics of a joint venture establishment was searched, choosing business partner; the ideas of how to organize a joint venture was drawn, what the role of each partner in joint venture is, and what proper capital share is; and chose business field, considering changing global energy mix, renewable energy market scale, and growth prospects. Considering government policy for renewable energy vitalization and renewable energy market share, We chose the European union as a market to which our business entered.

In this work, risks in EPC project for overseas power plant projects are analyzed and risk management methods are suggested to reduce cost and to shorten time. 79% of risks occurred in the engineering phase for S project located in South-East Asia. The impact scales of risks on major project objectives which are cost, time, scope, and quality are analyzed as 3.5, 3.8, 2.7, and 3.7, respectively. The level of impact scales is very similar to each other except the impact scale of scope. The risk management methods suggested in this study have to be applied at the appropriate time to manage risks effectively. After that, risks are managed continuously by monitoring.

This research has suggested a method to select pipe wall thickness by application of the value engineering to reduce the cost and quantity that are major part of construction materials. This research shows that the application of value engineering reduces the cost of piping materials by optimizing pipe wall thickness while maintaining process flow date of design pressure and design temperature. Based on this knowledge, the application of the value engineering will lead to the cost reduction and quantity reduction by effective selection of pipe wall thickness. The application of the value engineering will help the EPC companies to win a contract in the overseas plant market.