Singapore’s Empyrion DC Pte. Ltd. has announced that it has secured financing from three major Korean financial institutions for the construction of the Gangnam Data Center (GDC).
The syndicated loan from KEB Hana Bank, Hana Capital Co Ltd and National Credit Union Federation of Korea was arranged by KEB Hana Bank and Hyundai Asset Management.
The Gangnam Data Centre (GDC) is Empyrion DC’s second data centre project situated in the city of Seoul, South Korea. It is the first data centre to be built in the Gangnam district in the past ten years. GDC will have a 29 MW IT capacity green data centre, equipped with cooling technologies, and will feature on-site rooftop and building integrated solar photovoltaics.
The funds from the syndicated loan will be allocated towards the construction of the building’s core and shell, the installation of mechanical, electrical, and plumbing systems, and other necessary capital expenses. Construction will begin immediately after the Financial Close and is anticipated to be ready for service by the first half of 2025.
Data centers in South Korea have been grabbing headlines with Samsung SDS, the IT service arm of Samsung Group, recently having announced its newly constructed data center in Dongtan District in Hwaseong City of Gyeonggi Province, the country’s first facility dedicated to high-performance computing (HPC). The data center provides high-speed and large-capacity cloud computing services to customers who need complex operations such as AI, big data analysis and R&D tasks through Samsung Cloud Platform (SCP).