Bosung attracts $2 bn investment from TGK for Korea's largest data center

With the funds, Bosung plans to build five 40 MW data centers for about 200 IT companies

Bosung signs a billion investment deal with TGK
Bosung signs a $2 billion investment deal with TGK
Jong-Pil Park 1
2022-09-23 11:33:34 jp@hankyung.com
Construction

South Korea’s Bosung Group has attracted $2 billion from TGK Inc., a US infrastructure company, for its planned construction of Korea’s largest data center.

Bosung said on Thursday it has signed the investment deal with TGK, a joint venture between Diode Ventures LLC, a US construction engineering company, and Korean energy and infrastructure adviser EIP Asset Management.

Black & Veach, a US engineering company focused on data centers, owns 100% of TGK.

Bosung, known for the housing brand Sujain built by its construction affiliate Hanyang, is building Solaseado, a residential-industrial complex on 20.9 million square-meter land in Haenam, South Jeolla Province,

In the eco-friendly complex, Bosung also plans to build five 40 MW data centers starting from next year.

Bosung plans to build Korea's largest data center in Solaseado, Haenam, Jeolla Province
Bosung plans to build Korea's largest data center in Solaseado, Haenam, Jeolla Province

Once the combined 200 MW data center – Korea’s largest – is completed, Bosung expects to attract about 200 related companies, including information technology (IT) firms, and create 5,000 jobs.

A data center is an essential facility for IT companies to provide various web services and cloud services. Currently, the largest data center in Korea has a capacity of 190 MW under construction near Seoul.

The domestic data center market is showing rapid growth. According to the Korea Data Center Council (KDCC), the number of domestic data centers is expected to increase from 156 in 2020 to 188 by 2025.

Arizton, a US market research firm, predicts that Korea's data center market will grow at an annual average rate of 6.7% from this year to $5.8 billion by 2027.

Write to Jong-Pil Park at jp@hankyung.com
In-Soo Nam edited this article.
#Tech #Media & Telecom #Bosung Group #TGK #data center #Solaseado #Diode Ventures #EIP Asset Management #Black & Veach

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