Debut solar energy deal in Korea with GS Group

Client successes

GS Energy has secured a KRW 201 billion (USD 137 million eq.) refinancing for its 170-megawatt Dangjin operating solar project in Chungcheong Province, one of Korea's largest solar power plants.

Crédit Agricole CIB acted as Financial Advisor and Mandated Lead Arranger, with a final commitment of KRW 70.4 billion (USD 48 million eq.), being the only international bank supporting the deal alongside the local lenders.

GS Energy, the energy investment arm of GS Group - one of Korea's largest conglomerates - plans to produce 1.2 gigawatts (GW) of renewable energy output by 2030. This aligns with Korea's 11th Basic Plan, which aims to scale combined solar and wind capacity from 35 GW (1H 2025) to 78 GW by 2030.

This transaction marks Crédit Agricole CIB's first solar project financing in Korea, significantly expanding our renewable energy footprint in the country. Combined with our offshore wind experience, it reinforces our sector leadership and positions us to capture emerging opportunities in this high-growth market. The closing also deepens our relationship with GS Group, a key client with deep presence in the local power and infrastructure sectors. 

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Our first solar financing in Korea marks an important milestone. It broadens our renewable energy platform beyond offshore wind and reinforces our ambition to be one of the leading international banks for the energy transition in Korea.

Carine GALTIER

Managing Director

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Closing of the Dangjin project confirms CACIB’s leadership in renewable energy in South Korea. This first solar project financing reinforces our credibility in the market, beyond offshore wind. It is fully aligned with our strategy to be the trusted partner of reference for our Clients, both local and international, in the energy transition journey of the country.

Gerald MASSENET

Senior Country Officer for Korea, Crédit Agricole CIB

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Korea coverage team is delighted to support GS Energy to refinance a 170mw Dangjin solar project in Korea. CACIB as sole FA, MLA, and Green Loan Coordinator closed the transaction, which is the first solar project financing in Korea. CACIB managed the transaction to the successful closing, and this success confirms CACIB’s strong footprint in Korea renewable sector followed by the first offshore wind power project. GS Energy as part of GS Group fully appreciates CACIB’s leadership for the transaction, and this transaction truly enhances our relationship with GS Group.

Chang Yong Park

Senior Banker

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