The South Korean government wants to remodel Gwangyang port into an energy hub by 2029.
The Ministry of Oceans and Fisheries (MOF) held a public consultation in the port city on 13 October to explain the implications of the redevelopment to residents.
So far the project, which includes building solar power panels and floating facilities, has involved land reclamation around Myodo, an island that acts as a natural breakwater in Gwangyang, South Korea’s second busiest port after Busan. The reclaimed land, covering a 3.12 million m² area, is the size of 436 football fields, and was made from sand dredged around Gwangyang.
Han Yang Corporation, Daewoo Engineering & Construction, and Bosung Corporation are investing in the project, called the Myodo Port Energy Hub.
The trio will build an industrial park to produce chemical and electrical materials, car parts, a marine eco-park, and a complex of power plants, all on the reclaimed land.
The first phase of development, which will last from 2015 to 2026, will be done at a cost of KRW252.3 billion (USD220.2 million). This will overlap with the second phase, which will run from 2020 to 2029 and cost KRW5.9 trillion. The total cost of the redevelopment will be over KRW6.15 trillion.
MOF’s manager for port development, Jung Sung-ki, said, “The redevelopment of Myodo, in conjunction with that of the port, will contribute greatly to the Gwangyang Bay Free Economic Zone. The energy hub will generate employment, increase manufacturing output, [and contribute] to the revitalisation of the national and regional economies.”