Woori Technology Secures 40 Billion Won Investment for Nuclear, SMR, and Offshore Wind Power Businesses

Woori Technology has decided to issue its 20th series of bearer, unsecured private convertible bonds (CB) worth 40 billion won to accelerate its nuclear power and offshore wind power businesses.

According to Woori Technology on August 6, the maturity date for the convertible bonds is August 13, 2031, and the conversion price has been set at 10,717 won per share. Both the coupon rate and maturity interest rate are 0%, enabling Woori Technology to minimize its financial costs while securing capital to carry out stable supply contracts for its core business and to invest in its long-term growth.

Woori Technology plans to use most of the funds raised for its nuclear power business. The investments will not only address equipment deliveries for Shin Hanul Units 3 and 4 and the Main Multipurpose Modular Reactor Distributed Control System (MMIS DCS), but also fund research and development for the innovative small modular reactor (i-SMR). In 2023, the company signed a supply contract worth approximately 54 billion won solely for the DCS controller required for Shin Hanul Units 3 and 4. As of the end of the first half, its order backlog surpassed 100 billion won.

The company will also invest in its offshore wind power and resource circulation businesses to secure long-term growth engines. Funds will be used to pay for the acquisition of "Nuri Baram No. 1," the only offshore wind power substructure installation vessel in Korea, purchased earlier this year, as well as for purchasing equipment and facilities for the resource circulation business. Subsidiary Wave Jeongeup has signed a refined oil supply contract with global commodity trader Trafigura and has recently completed its first export shipment.

A company official stated, "By leveraging our exclusive position in the domestic nuclear power control systems market, we have won major project orders, and our progress in next-generation nuclear energy national projects such as SMR has been highly recognized, which contributed to the success of this investment. The secured funds will be directed toward fulfilling nuclear supply contracts, developing i-SMR technology, and expanding our offshore wind and resource circulation businesses to maximize our performance," he added.

This content was produced with the assistance of AI translation services.