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Korea’s Largest Project Financing Transaction to Date for Gangneung Coal Thermal Power Plant Project


Gangneung Eco Power’s project involves the development of Gangneung Anin 2,080MW coal-fired power plant and related port facilities.  With a total project cost of KRW 5.6 trillion, this is the largest project financing transaction to date in Korea, with 34 financial institutions providing debt financing in the amount of KRW 4.7 trillion.  Korea South-East Power Co. Ltd., Samsung C&T Corporation, and Gangneung Coal Fire (as an intermediary SPC of the financial investors) participated in the project as sponsors.  

Since the project’s inception in 2014, Kim & Chang has been advising Korea South-East Power Co. Ltd., Samsung C&T Corporation, and the project developer (Gangneung Eco Power) for over five years on licensing, addressing fair trade issues, resolving claims and compensation to local communities, dispute resolution, transaction structuring, negotiation of financial terms, documentation and closing-related matters. 

After a successful closing, we are continuing to provide legal services to the sponsors and the project developer on issues that arise during the construction period.