Woori Bank Successfully Arranges Financing for Saemangeum Onshore Solar Power Project Zone 1

Signed a Financial Agreement Worth 119.6 Billion KRW with Saemangeum Hope Solar Power

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 23rd that it has signed a financial agreement with Saemangeum Hope Solar Power for the 'Saemangeum Onshore Solar Power Zone 1 Development Project.'

Saemangeum Hope Solar Power is a special purpose company (SPC) involving both public and private sectors, including Saemangeum Development Corporation, Korea South-East Power, and Hyundai Engineering Consortium, established for this project.

Woori Bank served as a joint lead manager along with Korea Asset Investment Securities in this project financing (PF) and, together with Samsung Life Insurance and the National Credit Union Federation of Korea, will provide financial support amounting to 119.6 billion KRW to Saemangeum Hope Solar Power.

The Saemangeum Onshore Solar Power Zone 1 Development Project is the first Green New Deal project initiated after the Saemangeum Development Agency and Jeollabuk-do Province declared Saemangeum as the 'Renewable Energy Hub of Korea' at the 'Saemangeum Renewable Energy Vision Ceremony' in October 2018. The project plans to build a 99-megawatt (MW) solar power plant and operate it for 20 years.

A Woori Bank official stated, “In addition to successfully concluding this financial arrangement, we have provided various financial advisory services and solutions in renewable energy projects such as wind power and biomass. Based on the financial expertise accumulated so far, we plan to actively participate in the Green New Deal policy.”

This content was produced with the assistance of AI translation services.