Myeong Hyun-gwan, Haenam County Governor, Signs $2.6 Billion Investment Agreement During U.S. Visit

Published 22 Sep.2022 17:25(KST)

TGK to Build 5 RE100 Global Data Centers in Solaside Corporate City by 2030

Solar Cido Enterprise City Investment Agreement Ceremony (from right: Myeong Hyun-gwan, County Governor; Kim Young-rok, Provincial Governor; Brad Hardin, CEO) (Photo by Haenam County)

[Haenam=Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Myeong Hyun-gwan, Haenam County Governor, currently visiting the United States, announced on the 21st local time that he signed an investment attraction agreement for the Solar City corporate city project worth 2.6 trillion KRW.

The investment agreement ceremony was attended by Kim Young-rok, Governor of Jeollanam-do, Myeong Hyun-gwan, Haenam County Governor, Brad Hardin, CEO of TGK Co., Ltd. and Diode Ventures, Park Hee-jung, CEO of EIP Asset Management Co., Ltd., and Chae Jung-seop, CEO of Southwest Coast Corporate City.

According to the agreement, TGK Co., Ltd., Diode Ventures, and EIP Asset Management will invest a total of 2 billion USD (2.6 trillion KRW) in the Haenam County corporate city to build five 40MW-class data centers by 2030. Jeollanam-do, Haenam County, and Southwest Coast Corporate City Development Co., Ltd. pledged to do their best to provide administrative support related to location and other matters for successful investment.

This project is the first achievement of overseas investment attraction by Jeollanam-do in the 8th local government administration and plans to attract 10 global data centers in the province by 2030.

Data centers are large facilities housing thousands of server computers, and as global data demand surges, South Korea, a strong ICT nation, is rapidly emerging as a global data center hub.

In particular, regarding the recent corporate movement toward RE100 transition, Jeollanam-do, equipped with abundant renewable energy resources and safe, affordable industrial complexes, is considered an optimal location for data centers.

Haenam County Governor Myeong Hyun-gwan said, “Solar City corporate city is a highly attractive investment location with unlimited development potential, as the current government’s carbon-neutral cluster, eco-friendly renewable energy industrial complexes, and power plant construction plans have been adopted as national agenda items. I hope this investment agreement will serve as an opportunity for Jeollanam-do to establish itself as a global leader in the data industry, and Haenam County will actively support successful implementation.”

Governor Myeong will move to LA on the 22nd to continue activities for exporting Haenam agricultural and marine products.

From the 22nd to 23rd, he will appear directly on a local home shopping channel selling Haenam organic rice to promote Haenam rice, visit the Kkotma USA store selling Korean agricultural and marine products, and meet with Mislisa, responsible for exporting Haenam rice to the U.S., to hear the current status and discuss ways to expand exports of Haenam agricultural and marine products.

He will also discuss measures to promote consumption through export expansion in response to the recent decline in domestic rice prices, as well as the operation of an antenna shop for Haenam agricultural products.

Additionally, he will attend the Korean festival held in LA, the opening ceremony of the Namdo Market US online shopping mall, the 2022-2023 Jeollanam-do Year of Visit tourism briefing, and the 21st World Korean Business Convention chairman’s meeting, where he will meet with Korean Americans and businesspeople in the Americas to promote investment attraction and tourism.

Meanwhile, Vice Chairman Seo Hae-geun of the Haenam County Council and officials in charge of county investment attraction and agricultural product distribution accompanied the visit, and the delegation is scheduled to return on the 25th.