330 Billion PF for Seonam Coastal Enterprise City 'Solarisdo' Development Project

[Asia Economy Reporter Lim Jeong-su] Seonamhaean Enterprise City Development Co., Ltd., the developer of the Yeongam-Haenam tourism leisure city development project "Solarisdo," has secured 330 billion KRW in funding necessary for the development project. The project, which had been stalled for a long time, has gained momentum under the Moon Jae-in administration, leading to continued capital procurement.

According to the investment banking (IB) industry on the 21st, Seonamhaean Enterprise City Development received a development fund loan (PF) worth 330 billion KRW from a consortium including BNK Investment & Securities and Hanyang Securities. The loan has a maturity of three years and was executed in three tranches according to repayment and collateral priority: Tranche A with 230 billion KRW, Tranche B with 60 billion KRW, and Tranche C with 40 billion KRW.

Bosung Industry and Hanyang, the construction companies for the Solarisdo project, provided credit support such as capital supplementation agreements and interest payment guarantees for Seonamhaean Enterprise City Development's PF loan.

Seonamhaean Enterprise City Development is constructing the Yeongam-Haenam tourism leisure-type enterprise city on a 6.32 million pyeong (approximately 20.9 million square meters) site covering Guseong-ri, Sanggong-ri, and Deoksong-ri in Sanim-myeon, Haenam-gun, Jeollanam-do. It will be developed as an eco-friendly smart city centered on the 4th industrial revolution, operating based on renewable energy such as solar power generation.

Solarisdo is the brand name of the Yeongam-Haenam tourism leisure city. The name combines Solar, Sea, and Do (city), meaning an eco-friendly city harmonizing solar energy, the sea, and urban life. The plan is to build a smart city-type tourism leisure city by integrating 4th industrial revolution technologies such as eco-friendly energy, advanced agriculture, and autonomous driving.

Seonamhaean Enterprise City Development was established in June 2007 for this project. Even after the establishment of the developer, the project remained stalled for over ten years but began to gain momentum under the Moon Jae-in administration, which identified it as an optimal site for the government's smart city project.

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