Source of Facts: Financial Supervisory Service DART / 2026-02-13
Disclosure Type: Decision on Provision of Collateral for Others
💡 3-Second Summary
Hanwha Ocean has resolved to provide 134.3 million common shares of Shinan Wooi Offshore Wind Power Co., Ltd. (valued at approximately KRW 134.3 billion based on par value) as collateral to creditors to support the Project Financing (PF) loan procurement for the affiliate’s offshore wind power project, with the collateral period scheduled from March 31, 2026, to December 31, 2048.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Debtor: Shinan Wooi Offshore Wind Power Co., Ltd. (Relationship: Affiliate)
- Creditors (Lenders): Korea Development Bank, Kookmin Bank, KB Insurance, KB Life Insurance, Shinhan Bank, Hana Bank, Hana Life Insurance, Hana Insurance, Woori Bank, Tongyang Life Insurance, Nonghyup Bank, Nonghyup Insurance, Busan Bank, Samsung Fire & Marine Insurance, Kyobo Life Insurance, Hyundai Marine & Fire Insurance, Lotte Insurance, Industrial Bank of Korea, etc.
- Debt (Borrowing) Amount: KRW 2,890,000,000,000 (Approx. KRW 2.89T, structured as other PF Loan)
- Details of Collateral Provision:
- Collateral Limit Amount: KRW 134,300,000,000 (Approx. KRW 134.3B, calculated based on the par value of the pledged shares)
- Ratio to Equity Capital: 2.76% (Calculated based on the company’s 2024 consolidated equity capital of KRW 4.8633T).
- Pledged Property: 134,300,000 common shares of Shinan Wooi Offshore Wind Power Co., Ltd. (Establishment of pledge of shares)
- Collateral Provision Period: March 31, 2026 ~ December 31, 2048 (The start date is the scheduled execution date of the share pledge agreement, and the end date represents the scheduled PF principal and interest repayment date).
- Total Balance of Collateral Provision: KRW 390,000,000,000 (Approx. KRW 390B, excluding the amount resolved in this transaction).
- Detailed Balance: 724,000 common shares of Yangyang Suri Wind Power Co., Ltd. and related claims (Collateral period: December 1, 2024 ~ March 31, 2045)
- Board Resolution Date: February 13, 2026 (5 outside directors present, 0 absent).
- Summary Financial Status of Debtor (As of end of 2024): Total Assets KRW 4,023M, Total Liabilities KRW 164,006M, Total Equity KRW 4,627M, Revenue Not Applicable (-), Net Income KRW -421M.
- Project Variability Clause: A separate update filing will be made upon the formal execution of the share pledge agreement (scheduled start date), and the aforementioned details remain subject to change during the project implementation.
📈 2. [Expert View: What This Disclosure Means for Investors]
- Provision of Share Pledges Supporting Affiliate’s PF Sourcing: This filing officially registers the structural parameters established to support the capital procurement of Shinan Wooi Offshore Wind Power Co., Ltd., an affiliate executing a KRW 2.89 trillion offshore wind power development project. Hanwha Ocean will establish a first-priority share pledge over its holding of 134.3 million common shares of the affiliate, with the collateral valuation fixed at approximately KRW 134.3 billion based on the par value of the shares.
- Collateral Limits and Outstanding Balances: The KRW 134.3 billion allocated for this pledge is excluded from the company’s pre-existing outstanding collateral balance parameter of KRW 390 billion (consisting of the prior Yangyang Suri Wind Power pledge). This transaction designates a new, separate collateral structure over affiliate shares on the record.
- Financial Baseline of the Underlying Debtor: The debtor, Shinan Wooi Offshore Wind Power Co., Ltd., is an unlisted affiliate established in 2023, closing fiscal 2024 with total assets of KRW 4.02 billion and total liabilities of KRW 164.0 billion against a net loss of KRW 421 million. The duration of this collateral is aligned to match the final scheduled repayment date of the underlying project financing on December 31, 2048.
📝 Editor’s Comment (by K-STOCK Editor)
Hanwha Ocean’s regulatory filing regarding its decision to provide collateral for others presents the administrative parameters established to secure a KRW 2.89 trillion project financing (PF) loan sought by its affiliate, Shinan Wooi Offshore Wind Power Co., Ltd. According to the document, the company plans to pledge its holdings in the affiliate, assigning a collateral valuation of approximately KRW 134.3 billion based on the par value of the shares, representing 2.76% of Hanwha Ocean’s equity capital.
The critical variables and primary checkpoints for investors to analyze moving forward are the ‘actual execution and subsequent filing of the share pledge agreement on the scheduled start date’ and the ‘subsequent progress of the scheduled PF repayment timeline through 2048.’ This filing outlines a transaction involving a pledge of owned equity securities of the affiliate rather than the provision of direct cash debt guarantees or parent-company loan originations, and the long-term status of the pledge will remain subject to the repayment schedule of the underlying project financing.
Consequently, investors should avoid drawing analytical conclusions regarding direct operational returns or immediate increases in corporate value based solely on the approval of this collateral provision or the offshore wind project’s scale. It remains essential to monitor the program under the explicit conditions stated in the filing, tracking how the physical execution of the share pledge over the affiliate’s shares is finalized and how subsequent project milestones develop within the approved statutory boundaries, under which the details and schedules remain subject to change during the project implementation.
📢 Disclaimer & Source Information
Source: This content was newly structured and written based on the official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Advisory: This information is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial responsibilities rest entirely with the investor.
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