The Public Growth Fund will support 370 billion won for renewable energy infrastructure projects, including an onshore wind power project in Yeongyang County, North Gyeongsang Province.
The Financial Services Commission said on the 25th that it held the Public Growth Fund's fund management deliberation committee and approved funding for an onshore wind power generation project and a high-voltage submarine cable production plant.
The onshore wind power plant project is a plan by GS E&R and Naver to build a 72-megawatt (MW) wind power plant in and around Yeongyang County, North Gyeongsang Province, and to supply the generated electricity long term to Naver's nearby data center. Of the total project cost of 270 billion won, the Advanced Strategic Industry Fund will provide 60 billion won as a 19-year long-term loan.
Naver is expected to receive about half of the electricity needed for its data center from onshore wind, contributing to achieving RE100 (100% renewable energy). The construction of the power plant is also expected to create local jobs and return business revenue to the local government.
The Public Growth Fund will lend 80 billion won at low interest rates for the expansion of mass-production infrastructure and a testbed for ultra-high-voltage submarine cables. This is a project by LS Cable & System to expand an ultra-high-voltage submarine cable plant in Donghae, Gangwon Province, with a total of 160 billion won to be invested. Ultra-high-voltage submarine cables are key infrastructure for high-voltage direct current (HVDC) transmission and the expansion of offshore wind power.
Approval was also given for 20 billion won in funding for SIMMTECH, a next-generation memory substrate production corporations based in Cheongju, North Chungcheong Province. SIMMTECH is a corporation that produces semiconductor package substrates and modules, and its technological prowess is recognized as it supplies to Samsung Electronics, SK hynix and Micron, among others. SIMMTECH applied for a loan to expand its plant in response to the expansion of the memory semiconductor market.