Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Ocean has decided to provide a debt guarantee for a loan agreement worth KRW 700.0B regarding Tongyeong Eco Power Co., Ltd. in connection with the construction of the Tongyeong Natural Gas Power Plant Project.
📊 [Key Disclosure Details & Financial Highlights]
- Debtor: Tongyeong Eco Power Co., Ltd. (Relationship: N/A)
- Creditors: Mirae Asset Life Insurance, Korean Federation of Community Credit Cooperatives, NH Property & Casualty Insurance, Fubon Hyundai Life Insurance, Kyobo Life Insurance, Woori Bank, Hana Bank, Tongyeong 1st LLC
- Debt (Borrowing) Amount: KRW 700,000,000,000 (KRW 700.0B)
- Guarantee Amount: KRW 700,000,000,000 (KRW 700.0B / Set up to the loan agreement limit)
- Total Equity: KRW 4,312,157,120,697 (approx. KRW 4.31T, as of FY2023 consolidated financials)
- Guarantee Amount to Equity Ratio: 16.2%
- Guarantee Period: January 24, 2025 – June 30, 2025 (Start Date: Date of Execution of Commitment / End Date: Conservatively stated; to be amended upon confirmation of the completion date)
- Board Resolution Date: January 24, 2025 (5 Outside Directors attended)
- Total Remaining Guarantee Balance: KRW 661,680,715,137 (approx. KRW 661.7B, excluding this disclosure)
- Other Important Notes:
- This commitment was submitted in accordance with the lender group’s request following the transfer of the plant business from Hanwha Corporation as of July 1, 2024
- The guarantee incurs damages liability only if Hanwha Ocean fails to fulfill specified obligations by the completion date, and liability ceases upon fulfillment
- The responsible completion requirement (pre-use inspection under the Electricity Enterprises Act) was completed on October 2, 2024
- Project Financing (PF) & Debtor Financial Status:
- PF Type: Other PF Loan KRW 700,000,000,000 (KRW 700.0B)
- Tongyeong Eco Power Co., Ltd. Current FY Financials: Total Assets KRW 1.08T, Total Liabilities KRW 814.2B, Total Equity KRW 262.8B, Revenue KRW 0, Net Loss KRW 5.5B
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Verification of Guarantee Period Modifications and Subsequent Disclosures
This disclosure indicates that the end date of the guarantee period was conservatively stated as June 30, 2025, because the completion date could not be specified, and that a corrected disclosure is scheduled once the completion date is confirmed. Tracking whether the guarantee period end date is modified and whether related subsequent disclosures are filed as noted is essential for understanding changes to the initially disclosed guarantee terms. Related details can be verified in future disclosures and the ‘Debt Guarantee Status’ section of upcoming Quarterly, Half-Yearly, and Annual Reports.
📢 Disclaimer & Fact Source
Source: This content was structured and newly written based on officially submitted data from the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART).
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