Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing details Hanwha Ocean’s decision to provide a KRW 325B debt guarantee in the form of a responsible completion commitment for the Yangyang Suri Onshore Wind Power Project, which is being acquired from Hanwha Corporation.
📊 [Key Disclosure Highlights & Summary]
- Filing Type: Decision on Guarantees for Debt of Others
- Debtor: Yangyang Suri Wind Power Co., Ltd. (Relationship: None)
- Creditors: Kookmin Bank, Shinhan Bank, Kyobo Life Insurance Co., Ltd., Private Equity Investment Trusts, and Policy Fund Lenders
- Debt (Borrowing) Amount: KRW 325,000,000,000 (Based on principal loan amount)
- Guarantee Amount: KRW 325,000,000,000 (Set up to the principal loan agreement limit)
- Total Equity: KRW 4,312,157,120,697 (Based on FY2023 consolidated financial statements)
- Guarantee-to-Equity Ratio: 7.5%
- Guarantee Period: December 1, 2024 – April 5, 2027 (Start date is expected business transfer closing date; end date is completion deadline)
- Total Outstanding Guarantee Balance: KRW 27,149,920,981 (Excluding this transaction)
- Board Resolution Date: November 21, 2024 (All 5 Outside Directors present, Auditors present)
[Debtor Summary Financials & PF Details]
- Debtor Financial Summary (Current Year): Total Assets KRW 114,713M, Total Liabilities KRW 79,521M, Total Equity KRW 35,192M, Capital Stock KRW 36,200M, Revenue KRW 0, Net Loss KRW -823M
- PF Type & Amount: Other PF Loan KRW 325,000,000,000
- Existing Guarantee Balance Breakdown:
- Hanwha Ocean Global Project Center B.V. (Affiliate): KRW 431,100,981 (Aug 23, 2024 – Mar 02, 2025)
- Hanwha Drilling LLC (Affiliate): KRW 26,718,720,000 (Sep 26, 2024 – Sep 25, 2026)
- Other Material Notes:
- Performance commitment under a target contract acquired via the wind business acquisition agreement executed with Hanwha Corporation on April 3, 2024.
- Involves compensating for damages in the event of failure to meet the completion deadline; the obligation terminates upon successful completion.
- Exact indemnity amount in case of loss will be determined through negotiation with creditors.
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Business Transfer Closing and Project Completion Execution
This debt guarantee acts as a contractual performance commitment assumed through the wind energy division acquisition, making it essential to monitor whether the business transfer completes as scheduled after the target date (December 1, 2024) and construction progresses smoothly toward the deadline. Verifying these milestones is crucial because fulfilling the completion commitment eliminates contingent liability exposure, whereas delays could result in damage claims. Relevant operational updates and guarantee developments can be verified through future regular financial reports (Quarterly, Semi-Annual, or Annual Business Reports) or subsequent official public disclosures.
📢 Disclaimer & Source Notice
Source: This content was newly structured based on official data submitted to the Financial Supervisory Service’s DART system.
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