[Disclosure] KEPCO (015760 / KEP) – (Correction) Decision on Debt Guarantee for Others / 2024-11-28

Fact Source: Financial Supervisory Service DART

Market: KOSPI (015760)

💡 3-Second Summary

KEPCO has filed a correction disclosure specifying the start date (Nov 28, 2024) and construction-period end date (Aug 14, 2028) for its debt guarantees related to the Saudi gas-fired power plant projects, alongside details of executed sub-guarantee agreements.

📊 [Key Disclosure Contents & Major Financial Figures]

1. Correction Overview

• Original Disclosure Title: Decision on Debt Guarantee for Others (Initially filed on November 20, 2024)
• Reasons for Correction: Modification of the start and end dates of the guarantee period, and update of other important management matters

2. Key Changes (Before vs. After)

• Guarantee Period Start Date:
  • Before: Unspecified (-)
  • After: November 28, 2024 (PPA execution date)
• Guarantee Period End Date:
  • Before: Unspecified (-)
  • After: August 14, 2028 (Based on construction period)

3. Primary Debt Guarantee Terms

• Debtors: Remal Energy Company, Naseem Energy Company (Two project companies)
• Creditors: Project Owner (Saudi Power Procurement Company), Lender Group (Unconfirmed prior to financial contract execution)
• Total Guarantee Amount: KRW 1.423T (KRW 1,422,624,000,000 / USD 1,022,000,000 at exchange rate of 1,392.00 KRW/$)
• Ratio to Total Equity: 3.8% (Based on FY2023 consolidated total equity of KRW 37.265T)
• Total Debt Guarantee Balance: KRW 4.361T (KRW 4,360,664,274,062)
• Board Resolution Date: November 20, 2024 (8 Outside Directors present, 0 absent)

4. Details of Executed Sub-Guarantee Agreements

• Partial execution of sub-guarantee contracts out of the total guarantee balance (USD 1,022,000,000):
• Remal Energy Company:
  • Guarantee Amount: USD 16,000,000
  • Details: Payment guarantee for PPA performance
  • Guarantee Period: 2024-11-28 (Contract execution date) ~ 2028-08-14 (Construction period)
  • Creditor: Saudi Power Procurement Company
• Naseem Energy Company:
  • Guarantee Amount: USD 16,000,000
  • Details: Payment guarantee for PPA performance
  • Guarantee Period: 2024-11-28 (Contract execution date) ~ 2028-08-14 (Construction period)
  • Creditor: Saudi Power Procurement Company

📝 Editor’s Comment (Key Follow-up Checkpoint)

📌 Verification of Guarantee Period and Terms Adjustments Upon Subsequent Financing Agreements

This correction filing assigns the start date and construction-period end date following the PPA execution and updates the details of partial guarantee agreements executed with the project owner. Because guarantee periods vary by individual contract and remain subject to adjustment upon lender group confirmation and additional financing agreements, tracking updates to the remaining guarantee terms is important for understanding the final contractual structure. Investors can confirm further details through subsequent official filings or periodic reports.

📢 Disclaimer & Source Notice

Source: This content has been re-structured and generated based on official corporate filing data from the Financial Supervisory Service’s DART system.

Investment Risk Warning: 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 securities. All investment decisions and financial responsibilities rest entirely with the investor.

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