President Moon Jae-in announced the renewable hub would be around a reclaimed tidal estuary in Saemangeum in Jeollabuk province.
The Korean government dammed the estuary in 2010, and hopes to turn the area into a global business hub.
Moon added "related manufacturers and research institutes" would be located in the new renewable energy complex, but did not provide further details.
He described the renewable energy project in Saemangeum as "the touchstone of Korea’s new energy policies".
South Korea plans to increase its renewable energy capacity from just over 11GW today to 58.5GW by 2030, the ministry of trade, industry and energy announced in December.
The Seamangeum development and investment agency — part of the government's ministry of land, infrastructure and transport — agreed two memorandums of understanding with solar PV and energy storage companies for large projects in the province.
