Samsung: Green Energy Industrial Park

Samsung to Plough $7B into Green Energy Center

April 28, 2011 - South Korea's Samsung Group will invest 7.6 trillion won ($7 billion) from 2021 to build a green energy industrial park, according to reports yesterday.

The complex will be built in the west coast area of Saemangeum, in a new town on reclaimed tidal flats, Samsung Group told Reuters in a statement.

The construction will be completed in three stages from 2021 to 2040. The first phase will see a wind power generator construction facility and a production base for solar batteries built by 2025, creating about 20,000 new jobs.

Plans for the second and third stages of construction have yet to be announced, but will involve the production of energy storage systems chiefly for the Chinese market.

The investment is in line with a new business strategy announced last year to spend 20 trillion won ($18 billion) in new areas of business such as green energy and healthcare. {continued}