This article was displayed on the ChosunBiz MoneyMove (MM) site at 6:11 a.m. on July 24, 2026.
As the investment boom in artificial intelligence (AI) data centers spreads, a large AI-specialized data center development project underway in Namyangju, Gyeonggi, has secured its first financing. Although the general real estate project financing (PF) market remains conservative, some analysts say capital is selectively flowing into AI infrastructure asset projects with secured power and operating capabilities.
According to the investment banking (IB) industry on the 24th, Namyangju Maseok IDC has completed the first round of financing for the "X-AI Smart Data Center" development project underway in Dapnae-ri, Hwado-eup, Namyangju. The investment was joined by LG CNS, Anda Asset Management, Eugene Investment & Securities, Kiwoom Securities, and FND Partners. Namyangju Maseok IDC is a special purpose company (SPC) established by FND Partners.
The development is being pursued under a real estate development fund (REF) structure. The first-round financing totals about 30 billion won, consisting of equity (own capital) raising and financing for land acquisition. The secured funds will be used for initial project expenses such as the land down payment and permitting expenses.
The company plans to sequentially raise additional equity in line with project milestones and permitting progress to expand its own capital to as much as 300 billion won. It then plans to begin full-scale PF loan procurement next year. The total project cost, including PF borrowing fund, financing costs, and infrastructure investment costs, is said to reach about 970 billion won.
In the recent data center market, demand for AI training GPU clusters has surged, intensifying competition for new developments centered on the greater Seoul area. However, power procurement is cited as the most important prerequisite in data center development. As grid capacity and substation interconnection possibilities in the metro area are limited, more projects with uncertain power supply plans are being ruled out at the investment review stage.
Investors are said to have been drawn to the Namyangju project because it has largely completed key procedures related to site acquisition and power supply and demand. In the recent data center financing market, the stability of power supply and the participation of a high-quality operator are serving as the core investment decision criteria rather than mere development feasibility.
An industry official said, "In today's market, data centers with secured power are being evaluated as scarce assets," and added, "The PF market has not fully recovered, but funds are selectively flowing into projects that have secured power, operating capabilities, and an anchor investor."
In this project, LG CNS will serve as a strategic investor (SI), providing design-build-operate (DBO) capabilities for the data center. It plans to support AI-specialized infrastructure build-out and operations technology in response to growing demand for AI transformation (AX). In the recent data center investment market, as long-term operating experience and energy-efficiency capabilities have become more important than simple construction capacity, participation by a DBO operator is being seen as a factor that enhances financing stability.