Singapore-based Empyrion DC Pte. Ltd., a Seraya Partners' portfolio company, says it has reached a funding agreement with three Korean financial institutions to fund the construction of its planned Gangnam Data Centre (GDC) in Seoul, Korea. KEB Hana Bank, Hana Capital Co. Ltd., and National Credit Union Federation of Korea will form the funding syndicate, which was arranged by KEB Hana Bank and Hyundai Asset Management Co., Ltd.
The Gangnam Data Center is Empyrion DC's second data center project and will be the first such facility built in the Gangnam district in the last decade, according to the company. The facility will include a 29-MW IT capacity green data center that will leverage advanced cooling technologies and on-site rooftop and building-integrated solar photovoltaics.
The loan will fund the construction of the building’s core and shell; installation of mechanical, electrical, and plumbing systems; and other capital costs. Empyrion DC has signed an engineering, procurement, and construction contract with Daewoo Engineering & Construction Co., Ltd. for these tasks. Construction is expected to begin immediately following the closing of the funding arrangement and lead to a ready-for-service date in the first half 2025.
Empyrion DC also has signed a memorandum of understanding with Sejong Telecom Inc. a local telecom operator in South Korea, to be an anchor client. Sejong plans to host their national internet backbone network at the new facility.
"This Financial Close is a key milestone for GDC, as it brings us closer to being ready-for-service for our customers. We look forward to GDC, helping alleviate the data center supply shortage in the greater Seoul area," said Mark Fong, CEO of Empyrion.
"We are incredibly proud to see the GDC project achieve Financial Close in spite of the challenging market conditions. It showcases the strength of our team to deliver a top-quality data center ahead of the competition," added James Chern, managing partner and chief investment officer of Seraya Partners.
