KB Financial Group said on the 12th that it successfully closed the financial arrangement for the "Shinan-Ui offshore wind farm project," which was selected as the first investment destination of the public-private joint Public Growth Fund.
The total project cost is 3.4 trillion won, and KB Kookmin Bank and Korea Development Bank (KDB) participated as joint lead arrangers to arrange 2.89 trillion won in senior and subordinated loans.
The project is to build a 390 MW offshore wind farm near Uidori, Dochomyeon, Shinan County, South Jeolla Province. It is also the first megaproject to receive funding from the 150 trillion won Public Growth Fund.
The project was designed with a structure (wind income) that shares all additional revenue from resident participation with local residents. KB Financial Group said this also helps expand the income base of local residents.
A KB Financial Group official said, "We will continue to faithfully carry out finance's essential role of increasing added value across various areas."