LS Group signed a partnership agreement on Friday with a state-run company in Bhutan to build a power grid network for a massive new smart city project in the country, the Korean conglomerate said. LS Corp. President and CEO Myung Roe-hyun met Gelephu Investment and Development Corp. (GIDC) CEO Ujjwal Deep Dahal at the Korean company’s office in Seoul for the signing. The two sides agreed to jointly establish a local subsidiary, LS GIDC, in Bhutan to oversee the project. Under the contract, LS will build power distribution facilities in Gelephu, including transformers, energy storage systems and cables for electricity and communication — core infrastructure components for the smart city project. LS GIDC is seeking to install smart city infrastructure in a region covering 2,500 square kilometers. The company plans to complete construction of an international airport by 2029 and operate power generation facilities based on hydro and other renewable energy sources. The electricity produced will support the energy needs of AI-based businesses and data centers that are expected to be established within the city. LS said the smart city will serve as a testbed for new technologies to support data centers and other facilities to be built by global IT firms in the Gelephu region, which offers competitive power rates. Myung said the joint company will be a “critical foundation for sustainable partnership between LS and Bhutan.” “As we’re joining the project from its initial phase, there will be more opportunities for us to participate in the project’s later phases,” the CEO said. LS has recently begun exploring opportunities in Ukraine as part of its overseas market expansion efforts. Its officials have met with Ukrainian ministers and corporate CEOs to discuss building or restoring local power generation and distribution infrastructure that had been damaged in Russia's ongoing invasion. (ICE SEOUL)

Fonte notizia: The Korea Times