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SK Consortium to Invest USD 1.7 Billion in Saemangeum

Power News - Published on Fri, 25 Sep 2020

Image Source: SK Consortium Saemangeum
Saemangeum Development and Investment Agency has picked up SK Consortium as the preferred bidder for Investment Promotion Solar Farm Project operator to build up a startup cluster and to promote data centers. The Investment Promotion Solar Farm Project, as an investment business model, is to grant 200MW of offshore solar power generation rights to investors who invest over KRW 600 billion (USD 500 million) in a start up cluster for high-tech venture companies and in data centers for global ICT companies. The Investment Promotion Solar Farm Project strategically aims to attract high-tech companies and promote development of Saemangeum utilizing Saemangeum's vast land and abundant sunshine condition as a pump priming incentive.SK Consortium’s direct investment of KRW 2 trillion (USD 1.7 billion) and its investment promotion lead to the selection. SDIA is going to sign business agreement and complete business operator designation through negotiating with SK Consortium by November.

Establishing spacial spaces for convergence manufacturing and support in Complex Library, which will serve as a community center, SK Consortium plans to establish a startup cluster on 33,000 square meters and to promote 300 enterprises for 20 years. For startups and inbound companies whose corporate goals, status and growth stages are considered, customized support will be served along with operating experience of startup clusters Sejong Creative Economy & Innovation Center and Local: Rise Gunsan.

Utilizing Saemangeum’s abundant renewable energy resources, SK Consortium also plans to build a data center with the world’s best system at Industry and Research Area (Lot 5) by 2029 and establish an Asian data center hub by attracting related investments.

SK Consortium will set up and optimize power infrastructure in the data center, completing four units by 2024, and 16 units by 2029. It will also push to build underwater cable network and optical networks to improve the lack of ICT infrastructure, which has been pointed out as an obstacle to attracting high-tech companies to Saemangeum.

SDIA expects that if SK Consortium is designated as a business operator, it will become a new vital force for the local economy, which has been stagnant due to the withdrawal of Hyundai Heavy Industries Co Ltd and GM Daewoo.

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Posted By : Yogender Pancholi on Fri, 25 Sep 2020
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