Jeonnam Province Attracts $2 Billion in Foreign Investment... First Foreign Investment of the 8th Elected Term

The Green Korea to Build 40MW Data Center in Solar City Enterprise City

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] On the 21st (local time), Jeonnam Province announced on the 22nd that it signed an investment agreement worth 2 billion USD (2.6 trillion KRW) for the construction of a global renewable energy data center with The Green Korea (TGK Co., Ltd.) at Black & Beach Co., Ltd., the parent company of Diode Ventures in Kansas City, USA. This is the first foreign investment agreement of the 8th local government administration.

The signing ceremony was attended by Kim Young-rok, Governor of Jeonnam Province; Brian Platt, City Manager (Deputy Mayor) of Kansas City; Mario Azar, CEO of Black & Beach Co., Ltd.; Brad Hardin, CEO of The Green Korea and Diode Ventures; Park Hee-jun, CEO of EIP Asset Management Co., Ltd.; and Chae Jeong-seop, CEO of Seonamhaean Enterprise City Development Co., Ltd.

The Green Korea is a Korea-US joint venture between Diode Ventures and EIP Asset Management Co., Ltd. It is a financial platform company that develops domestic renewable energy and digital infrastructure projects, providing business participation opportunities to global companies pursuing environmental, social, and governance (ESG) and sustainable growth.

With this investment attraction, the Solarsido Enterprise City will gain momentum as a climate change pilot city leading the digital and energy transition era, and as a smart blue city harmonizing eco-friendly renewable energy (RE100) and future industries.

Globally, with the advent of the 4th Industrial Revolution era, big data, autonomous driving, artificial intelligence (AI), and metaverse are emerging, rapidly growing the data industry, which is the core foundation for storing massive amounts of information.

In line with this, Jeonnam Province plans to develop Solarsido into a cluster where global companies’ data centers, research institutes, and related information and communication (IT) companies are concentrated, similar to Phoenix City, Arizona, USA.

According to the agreement, The Green Korea plans to build five 40MW-class hyperscale renewable energy data centers (totaling 200MW) in the Solarsido area from 2023 to 2030, to be directly operated by global big tech companies.

A data center cluster convergence valley will be established, with over 200 related companies including operators and IT affiliates moving in, creating more than 5,000 jobs and laying the foundation for the growth of future advanced strategic industries.

Jeonnam Province will coordinate with Korea Electric Power Corporation (KEPCO) to connect the power system ahead of schedule for the 154kV substation, scheduled for completion in December 2025, and will ensure essential infrastructure such as communication networks and water supply are secured without delay for the successful execution of the project.

Electricity produced using renewable energy such as solar and wind power in Jeonnam will be smoothly supplied to users through Renewable Energy Certificates (REC) purchases and Power Purchase Agreements (PPA).

Additionally, by 2030, a 1GW-scale renewable energy cluster will be established in the Solarsido undeveloped district to gradually meet the renewable energy (RE100) goals of global companies, ensuring thorough preparation.

Governor Kim Young-rok said, “By attracting a world-class global data center based on renewable energy to the Solarsido Enterprise City, we have created an opportunity to raise regional value and establish it as a mecca of the 4th Industrial Revolution in Korea. We will do our best to ensure the success of this investment project.”

CEO Brad Hardin said, “We sincerely welcome Governor Kim Young-rok’s visit to Black & Beach Co., Ltd. As a reliable partner, let us do our best to fulfill the mutual agreement for continuous relationship building and successful investment realization.”

At the ceremony, Brian Platt, Deputy Mayor of Kansas City, attended to welcome Governor Kim Young-rok and strengthen mutual trust, agreeing to enhance friendly cooperation between local governments of both countries in various fields. This year marks the 140th anniversary of Korea-US diplomatic relations, making it a meaningful occasion to elevate the significance.

This content was produced with the assistance of AI translation services.