Bosung Group attracts $2 billion investment to build large data center in Korea

Seo Chan-dong and Minu Kim 2022. 9. 23. 14:12
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[Photo provided by Bosung Group]
South Korea’s construction and energy company Bosung Group has succeeded in attracting investment to build a large-scale data center in SolaSeaDo, Jeonnam Province, boosting its project development capability in the emerging data center market.

Bosung Group on Thursday announced an investment agreement with the Green Korea (TGK) to build a renewable-powered data center worth $2 billion. The agreement was signed on Wednesday at Black & Veatch headquarters in Kansas City, USA. TGK is a joint venture between Diode Ventures, a wholly owned subsidiary of Black & Veatch, and Energy Innovation Partners (EIP).

Under the agreement, TGK and Bosung Group will establish a special purpose corporation (SPC) to oversee a project for data center development. The SPC will build and operate a global big tech data center for realizing RE100 in Northeast Asia by building five 40 megawatt wholly renewable powered data centers in SolaSeaDo from next year to 2030.

SolaSeaDo is a new brand of Yeongam Haenam Tourism & Leisure Enterprise City in the southern part of Korea.

TGK, a financial platform company that focuses on green energy and digital infrastructure, is jointly managed by Diode Ventures, an American energy infrastructure business development and investment company, and EIP, an energy infrastructure advisory firm in Korea.

Black & Veatch, which wholly owns Diode Ventures, is a world-class engineering company in the energy sector, and has recently entered the solar energy-based data center construction market.

Starting with this business partnership, Bosung Group is planning to speed up the attraction of domestic companies to create a SolaSeaDo data center cluster. The Korean data center market is expected to grow at a CAGR of 15.9 percent until 2025. Bosung Group is preparing an additional 60MW data center to attract domestic demand to SolaSeaDo, and is scheduled to hold a project briefing session for Korean companies in Seoul in November.

Bosung Group, together with its affiliates and local governments, is developing SolaSeaDo as a future city on a 20-million square meter site in Haenam County.

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