South Korea's Financial Services Commission (FSC) will provide a combined 1 trillion won ($720 million) through the National Growth Fund to projects including an offshore wind power development in Yawol, Jeonnam Province.
The commission said on the 17th that it approved funding for five projects at a meeting of the fund's investment review committee.
For the Yawol offshore wind project, which carries a total cost of 757 billion won, the fund will provide 130 billion won in project financing loans from its advanced strategic industries account. The project marks the first time a large domestically developed wind turbine will be deployed at an operating wind farm, a step intended to support commercialization of Korean-made turbines.
DN Solutions, a mid-sized machine tool maker, will receive 223.7 billion won for its machine tool AX business, including 150 billion won from the advanced strategic industries account. The project uses artificial intelligence to improve the precision of machines used to process auto and semiconductor components.
The fund will also back Hwashin, which is building a production line for electric vehicle battery components; PKC, which is localizing production of specialty gases for semiconductors; and Konec, which mass-produces frames for humanoid robots. The National Growth Fund has approved a total of 18.9 trillion won in funding through the end of this month.
The fund has also established a risk management committee and a post-management committee to strengthen transparency in its decision-making. Both bodies will begin operating with agenda items submitted in October.
