A Brookfield-backed project to supply Naver Cloud with computing capacity is set to receive an $8 billion loan led by KB Kookmin Bank, in a deal the bank calls South Korea’s first GPU financing.
The Korea Herald reported Sunday that the 10.7 trillion won financing would support a project intended to supply computing capacity to Naver’s cloud unit. KB Kookmin described it as the country’s largest syndicated loan arrangement. The bank said other South Korean banks and securities firms were involved, but it has not named the lender group or disclosed loan terms.
Naver announced Oct. 27 that it had signed a $9 billion infrastructure agreement with Brookfield. The agreement met a condition for Nvidia’s planned $1 billion strategic investment in Naver. In July, Naver, Brookfield and Nvidia announced a $10 billion AI factory plan that included Brookfield’s infrastructure commitment and Nvidia’s proposed investment.
Brookfield plans to create a project company, provisionally called Asset Co., to acquire GPUs and related computing infrastructure, The Korea Herald reported. Asset Co. is expected to hold the equipment and infrastructure, while Naver Cloud would run the AI factory and sell computing services. Naver said fees for using the facility will track the factory business’s revenue, easing its initial funding burden.
The Korea Herald, citing earlier media reports, said lenders are expected to assess Naver Cloud’s ability to pay service fees and uncertainty about the GPUs’ resale value.
Naver set a target of 55 megawatts of capacity in the first half of 2027, followed by 200 megawatts in 2028.
