KB Financial Successfully Finances 'Sinan Uido Offshore Wind Power Project' as the First Investment of the National Growth Fund
KB Financial has successfully completed a 2.89 trillion won loan financing for the Sinan Uido offshore wind power project, marking the first investment from the National Growth Fund.
KB Financial announced on the 12th that it has successfully finalized loan financing for the 'Sinan Uido Offshore Wind Power Project,' selected as the first investment of the public-private National Growth Fund, amounting to 2.89 trillion won. The project saw participation from KB Kookmin Bank and Korea Development Bank as co-lead arrangers of the financing, which exceeded the target amount by 2.85 times within just one month of receiving funding requests from the implementing corporation. The loan syndicate reportedly involved several domestic banks and financial companies.
This offshore wind power project, located near Uido-ri in Docheo-myeon, Sinan-gun, Jeollanam-do, aims to build a large-scale offshore wind power complex with a capacity of 390 MW, consisting of 26 offshore wind turbines rated at 15 MW each. It is a renewable energy generation initiative crucial for enhancing the power infrastructure necessary for advanced strategic industries in the region, including a national AI computing center. This financing represents the first mega-project funded by the 150 trillion won National Growth Fund.
Out of the total loan amount of 2.89 trillion won, 750 billion won is being provided by the National Growth Fund for priority and subordinated loans aimed at advanced strategic industries. This partnership reflects a significant advancement in South Koreaβs commitment to renewable energy and sustainable economic growth, emphasizing the role of public-private collaboration in achieving these goals.