South Korea's Financial Services Commission announces KRW1 trillion in National Growth Fund approvals for solar, semiconductors and biotech

South Korea's Financial Services Commission (FSC) announced National Growth Fund financing approvals for four projects totaling about KRW1 trillion, supporting renewable electricity supply, semiconductor equipment and testing capacity, and blood product development. These were the first projects reviewed by the risk management committee established in September, which independently examines financial and nonfinancial risks before investment decisions. The Advanced Strategic Industry Fund will provide KRW100 billion in project loans toward a KRW684.6 billion solar development in Haenam. With capacity of 400 megawatts, it will be South Korea's largest single onshore solar plant. Electricity will be sold to Korea South-East Power for 20 years for onward supply to semiconductor companies and other advanced businesses. PSK will receive KRW140 billion in loans, including KRW120 billion from the fund, to expand semiconductor equipment facilities. Hana Micron will receive KRW50 billion for a system semiconductor testing plant. GC Biopharma will receive KRW170 billion for U.S. clinical research and production facilities in Cheongju supporting development of subcutaneous immunoglobulin. Cumulative approvals now total KRW22.3 trillion across 39 projects, including capital raised by indirect investment funds. With further indirect investment funds expected to complete fundraising in the fourth quarter, the FSC expects the KRW30 trillion approval target for 2026 to be met early. Alongside these financing decisions, a proposal opened for consultation on Oct. 22 would extend eligibility to aerospace and quantum industries requiring substantial investment over long periods.