Woori Financial Mobilizes Affiliates to Provide Productive Financing for Pohang AIDC
TECHWORLD ·
✦ AI Summary
Woori Financial Group said on the 23rd that it had signed a PF financing agreement for the construction project of the "Pohang AI Factory Data Center."
The project site is the Gwangmyeong General Industrial Complex in Ocheon-eup, Nam-gu, Pohang, North Gyeongsang Province, and the total project cost is KRW 600 billion.
The financing consists of KRW 150 billion in equity and KRW 450 billion in PF loans, and the target completion date is the end of 2027.
Woori Financial Group said on the 23rd that it had signed a PF financing agreement for the construction project of the "Pohang AI Factory Data Center." The project site is in the Gwangmyeong General Industrial Complex in Ocheon-eup, Nam-gu, Pohang, North Gyeongsang Province. Woori Financial Group said it would support the buildout of AI infrastructure by bringing together the group's comprehensive financial capabilities.
Through this PF financing agreement, Woori Financial Group said it has established a framework to push ahead with the AI data center construction project in the Pohang industrial complex. The group said it will deploy its capabilities across the entire project and also work with outside financial institutions.
The project is a large-scale digital infrastructure project with a total cost of KRW 600 billion. The target is an AI data center, and the facility will have a power capacity of 40 MW and an IT load of 32 MW.
The financing structure consists of KRW 150 billion in equity and KRW 450 billion in PF loans. The target completion date is the end of 2027. Woori Financial Group said this structure has laid the groundwork for the stable pursuit of large-scale AI infrastructure projects that require substantial funding.
Woori Financial affiliates divided up roles such as financing arrangement, agent bank, financial advisory, AMC, trust and PF to jointly support the project. Woori Bank and KB Kookmin Bank participated as co-arrangers, and Woori Bank served as the agent bank. Woori Investment & Securities and Hyundai Motor Securities handled the joint financial advisory role, while Woori Financial Capital took part in PF financing.
Woori Asset Management was responsible for initial project sourcing and served as the asset management company (AMC). Woori Asset Management also handled project execution, key contracts and fund disbursement management. Woori Financial Trust was in charge of collateral trust and cash management agency services.
Woori Financial said these contributions strengthened the group's support capabilities. It also said it secured project stability. In this regard, NHN Cloud provided a pre-leasing commitment for 16 MW, half of the total IT load, and is scheduled to operate the data center after completion, Woori Financial said.
Woori Financial said Hyundai E&C is handling construction and supporting completion stability through a completion guarantee commitment. Lee Dong-hyuk, team leader of the infrastructure finance department at Woori Bank, said the project is an example of supporting the buildout of core infrastructure for the AI era by mobilizing the group's comprehensive financial capabilities across banking, securities, asset management, capital and trust. He also said the group plans to continue expanding productive financing for advanced strategic industries and the local economy based on affiliate collaboration.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407353
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Source: TECHWORLD
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