This article was displayed on the ChosunBiz MoneyMove (MM) site at 6:11 a.m. on July 24, 2026.
As investment fever in artificial intelligence (AI) data centers spreads, a large AI-specialized data center development project underway in Namyangju, Gyeonggi Province, has succeeded in its first financing. Although the general real estate project financing (PF) market remains conservative, some analysts say funds are selectively flowing into AI infrastructure asset projects that have secured power and operational 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 included 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 raised about 30 billion won, consisting of equity fundraising and financing for land acquisition. The funds secured will be used for initial project expenses such as land down payments and permitting expenses.
The company plans to sequentially raise additional equity in line with project progress and permitting to expand equity capital to as much as 300 billion won. It then plans to begin full-scale PF loan financing 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 is surging, intensifying competition for new developments, especially in the Seoul metropolitan area. However, securing power is cited as the most important prerequisite in data center development. As power system capacity and substation interconnection possibilities in the metropolitan area are limited, projects with uncertain power supply plans are increasingly being excluded at the investment review stage.
The Namyangju project is said to have attracted investor interest because it has largely completed key procedures related to site acquisition and power supply and demand. In the recent data center financing market, stable power supply and participation by a high-quality operator have become the key criteria for investment decisions, rather than mere development feasibility.
An industry official said, "In today's market, data centers with secured power are being valued as scarce assets," and added, "The PF market has not fully recovered, but funds are selectively flowing into projects that have secured power, operational capabilities, and anchor investors."
LG CNS will serve as a strategic investor (SI) providing design-build-operate (DBO) capabilities for the data center in this project. In response to growing demand for AI transformation (AX), it plans to support the construction of AI-specialized infrastructure and operational technology. In the recent data center investment market, as long-term operational experience and energy efficiency capabilities have become more important than simple construction ability, participation by DBO operators is being evaluated as a factor that enhances financing stability.
Meanwhile, Namyangju Maseok IDC plans to allocate 10 MW (megawatts) of the total data center capacity as a dedicated space to support AI startups and to build an AI infrastructure cooperation hub involving industry, academia, and research.