NeoAI Cloud has completed KRW 600 billion in financing for an AI data centre in Pohang, South Korea, according to The Asia Business Daily, which published the report on 12 October 2026 at 11:10 Korea time (03:10 in London) [1]. The data centre is under construction. It is not operating.
REPORTED: the 7 October closing and the investor details come from one outlet, which quotes NeoAI Cloud’s chief executive. TSN found no financing release on NeoAI Cloud’s own site. Other sources back some figures, as marked below [2][3].
What is reported
The article says: “The financing consists of a KRW 450 billion project financing (PF) loan and KRW 150 billion in equity.” NeoAI Cloud closed the PF financing on 7 October, it says [1]. NeoAI Cloud and SC Capital Partners are named as key investors in the equity part. The article also lists Gyeongsangbuk-do Province, a regional investment fund and domestic financial institutions as participants, and calls NeoAI Cloud “a company specializing in AI infrastructure” [1].
In general, a project financing loan is repaid mainly from the income the finished project is expected to earn, not from the borrower’s wider finances.
The site
Phase 1 has “a power receiving capacity of 40 MW and an IT load of 32 MW” and uses liquid cooling, the article says [1]. In general, power receiving capacity is the most electricity a site can draw from the grid, and IT load is the power used by the servers and network equipment themselves [3].
Hyundai Engineering & Construction was selected as contractor in June 2026, with “construction underway toward a service launch in the fourth quarter of 2027” [1]. CEO Cho Yongwan says the company will expand to “the 260 MW Phase 2 AI data center, which is currently in development” [1].
What other sources say
Woori Financial Group said on 23 September that it had signed a project finance agreement for the site: KRW 150 billion equity, KRW 450 billion PF loans, 40 MW and 32 MW, completion targeted for the end of 2027 [2]. Hyundai E&C’s own press release of 21 September gives the same 40 MW and 32 MW, liquid cooling and a June construction start [3]. TSN found nothing else on the 7 October closing, SC Capital Partners’ role or the fourth-quarter 2027 date.
Where the sources differ
Woori describes a signing on 23 September; The Asia Business Daily describes a closing on 7 October. TSN cannot tell whether these are two steps of one process. Hyundai E&C gives completion in November 2027 and operation in the second half of 2027, not a fourth-quarter service launch. The article gives no loan terms or lender names. TSN has not converted the won figures into dollars.
Sources
- Lee Sanghyun, “NeoAI Cloud Completes KRW 600 Billion Financing for Pohang AI Data Center”, The Asia Business Daily, 12 October 2026, 11:10 KST. https://www.asiae.co.kr/en/article/2026101211032136359
- “우리금융 ‘포항 AI 데이터센터에 생산적 금융 공급'” (Woori Financial says it is supplying finance), Yonhap, 23 September 2026; reports a Woori statement. https://www.yna.co.kr/view/AKR20260923071800002
- “현대건설, 대한민국 1호 AI 전용 데이터센터 16개월 만에 완성한다”, Hyundai Engineering & Construction press release, 21 September 2026; company statement. https://www.hdec.kr/kr/company/press_view.aspx?CompanyPressSeq=731
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