Saemangeum Pushes for Renewable Energy Cluster

Solar Energy Manufacturing Companies to invest $91M in Saemangeum Industrial Complex

Administrator Lee Cheol-Woo of Saemangeum Development and Investment Agency (SDIA) announced that they have signed a Memorandum of Understanding (MOU)  with Rena International and NemoENG.  This was in regards to constructing a ‘solar module and energy storage system (ESS)’.  In addition, they plan to establish a ‘floating body and mooring system for photovoltaic power and energy storage device that kicked off the initiative to establish a renewable energy cluster on September 11, 2018.  This was done in conjunction with SDIA’s 5th-anniversary celebration.

At this signing event, an SDIA’s first-ever investment promotion case attracted renewable energy manufacturers.  Furthermore, at the event were 100+ people including administrative and local authorities.  Therefore these 2 companies will help provide the chance for Saemangeum to show their full potential as a renewable energy cluster.  Furthermore, it will show their potential to be considered as a high-value industry.

Rena International

A foreign investment company established by a Korean company called Geumgang ENG and jointly with China’s renewable energy company, Renesola plan to invest approximately 55.5 billion won in the 76,000㎡ Saemangeum Industrial Complex from 2018 to 2020.  They will be producing solar light modules and energy storage systems.  This is expected to create 120 jobs.

NemoENG

NemoENG is a small-medium enterprise with a strong performance history.  The company is based in Naju, South Jeolla Province.  They made this investment decision considering Saemangeum’s future growth prospect as their way of seeking opportunities to expand their business.  Therefore, they will invest 47.5 billion won (approximately 47.5 million dollars) in the Saemangeum Industrial Complex and recruit an estimated 300 people from 2018-2022.

The CEOs stated their initiative with a passion to serve as a future growth engine and play a leading role in Saemangeum.

Administrator Lee of SDIA who is in charge of administrative affairs regarding Saemangeum, displayed his strong will to enhance their business environment in order to make doing business in Saemanguem easier.  This will allow for more global enterprises to come.

* Saemangeum Development and Investment Agency(SDIA) is a central government agency of Korea responsible for the Saemangeum Project.  The project is a grand national development project, established in 2013 by an executive order. SDIA is in charge of administrative services and support, from Master Planning and Coordination to Investment Promotion and Attraction.

Saemangeum is a 409㎢ (101,000ac) reclaimed area located at the center of West Coast of Korea.  It is just across China with the world’s longest seawall reaching 33.9km. Thanks to Korea’s favorable business environment as well as Saemangeum’s geographical advantage internationally and domestically, the Korean Government is committed to developing Saemangeum into a global business hub.  A free trade hub of Northeast Asia.

For more information about SDIA and Saemangeum, please visit our website at http://en.saemangeum.go.kr or send an e-mail to RACHEL YOO (English Editor/Assistant Director, rachelyoouh@korea.kr)

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

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