SEOUL — South Korea’s state-backed policy lenders are stepping into unchartered waters. As the global race for physical artificial intelligence (AI) accelerates, the Korea Development Bank (KDB) has taken center stage in underwriting Hyundai Motor Group’s massive 9-trillion-won ($6.5 billion) industrial transformation project in Saemangeum, North Jeolla Province.

The initiative, designed to establish a sprawling regional hub for cutting-edge AI data centers, robotics, and clean energy, represents a high-stakes proving ground for KDB’s risk management and financial engineering capabilities.

Navigating a Multi-Faceted Capital Structure

Under an overarching memorandum of understanding signed last April, KDB and peer state lenders—including the Industrial Bank of Korea, the Export-Import Bank of Korea, and the Korea Credit Guarantee Fund—have been carving out structural funding frameworks. Because the 9-trillion-won outlay spans multiple sectors, integrating state-backed policy capital with private-sector funding remains a complex puzzle.

According to financial industry sources, the funding allocation heavily prioritizes digital infrastructure: roughly 5.8 trillion won (65%) is dedicated to the AI data center. The remainder is distributed across solar power generation (1.3 trillion won), water electrolysis facilities (1 trillion won), a robotics manufacturing cluster (400 billion won), and an AI-driven hydrogen city (400 billion won).

To mitigate structural risks, Hyundai Motor Group announced that five core affiliates—Hyundai Motor, Kia, Hyundai Mobis, Hyundai Rotem, and Hyundai AutoEver—will split the implementation into specialized entities this month. Infrastructure construction and high-performance GPU procurement will be managed by separate Special Purpose Companies (SPCs). Groundbreaking is targeted for March 2027, with commercial operations slated to commence by early 2030.

Balancing High-Tech Volatility with Policy Goals

For KDB, the project tests a fundamental paradigm shift in infrastructure financing. Unlike traditional property-backed project financing (PF), financing an enterprise-grade AI cloud and robotics ecosystem introduces unprecedented variables: rapid technology obsolescence cycles for graphic processing units (GPUs), volatile compute demand, and intensive power and cooling demands.

Market watchers report that the Financial Services Commission (FSC) and KDB are currently evaluating a 1.7-trillion-won investment and loan package through the National Growth Fund to help finance the project's massive GPU procurement phase. However, exact financial syndication ratios and loan covenants are still under negotiation.

Beyond technical risk, the initiative aligns with Seoul’s broader push for "productive finance" and balanced regional growth. While KDB leadership has emphasized using the National Growth Fund to channel capital into non-metropolitan areas—surpassing initial regional quotas—policymakers face mounting pressure to ensure that these multi-trillion-won subsidies stimulate genuine regional supply chains and small-business ecosystems rather than exclusively benefiting a corporate titan.

As KDB navigates this high-profile venture, industry analysts suggest its success will set a definitive precedent for how state policy banks can de-risk private investments in fast-moving, capital-intensive technology sectors without compromising fiscal stability.

[ⓒ Global Economic Times. 무단전재-재배포 금지]