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12 Apr 2023

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Empyrion Receives Financing to Build Gangnam Data Center in Seoul

Empyrion DC has reached an agreement with KEB Hana Bank, Hana Capital Co Ltd, and National Credit Union Federation of Korea, to finance the construction of the 29MW Gangnam Data Center (GDC) in Seoul.

The GDC is Empyrion DC's second data center project. It is the first to be constructed in the Gangnam district in the last decade. The GDC complex will house a green data center, according to Empyrion, with “state-of-the-art cooling technologies, and on-site rooftop and building integrated solar photovoltaics,” the company said.

The syndicated loan will be used for the construction of building core and shell, installation of mechanical, electrical, and plumbing systems, and other capital costs. Construction will commence immediately following Financial Close, with an expected ready-for-service date in H1 2025.

This Financial Close marks a major milestone for both, Empyrion DC and the Korean financing industry as the latter gradually recovers from the liquidity crisis triggered by the selloff in the Korean bond market. Lenders today are therefore highly selective in deploying debt – they deploy debt only on the most financially sound projects.

Based in Singapore, Empyrion DC focuses on creating next-generation digital infrastructure platforms for global and local customers. Empyrion DC has a presence in core markets such as Singapore, South Korea. It is a portfolio company of Seraya Partners, which has offices in Singapore, South Korea, Taiwan, and Denmark.

Image of proposed Gangnam Data Center by Empyrion DC.

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