EDC Announces CAD$360 Million Financing Package for SK ecoplant
This is the first financial guarantee transaction with SK ecoplant following the Market Leader Partnership MOU between EDC and SK Group, South Korea’s second-largest conglomerate. The transaction is supported by Standard Chartered.
Ottawa, ON, (ANTARA/PRNewswire) - Today, Export Development Canada (EDC) announced funding of KRW 390 billion (approximately CAD$360 million) for SK ecoplant, a provider of AI infrastructure solutions within SK Group. This is EDC’s first financial guarantee transaction with SK ecoplant and is based on a broader strategic relationship between EDC and SK Group. It is the first transaction following the Market Leader Partnership (MLP) MOU signed with SK Inc. in 2024.
As part of the SK Inc.-EDC MOU, EDC and SK ecoplant recently completed an MLP MOU to formalise their cooperation and advance export trade between Canada and South Korea in key focus sectors, including advanced manufacturing, digital technology, infrastructure, energy, and critical minerals. SK Group is the parent company of SK ecoplant and South Korea’s second-largest conglomerate after Samsung. The company operates in semiconductors, energy, telecommunications, and digital infrastructure, including AI data centres.
“I am delighted to witness the signing of the first transaction based on EDC’s Market Leader Partnership with SK Group and SK ecoplant,” said Maninder Sidhu, Canada’s Minister of International Trade. “Today’s event is a significant achievement in strengthening Canada-South Korea trade relations. This collaboration creates new opportunities for Canadian businesses while supporting sustainable growth and resilient supply chains.”
The transaction with SK ecoplant includes an EDC-guaranteed facility worth KRW 292.5 billion (approximately CAD$270 million) with its banking partner, Standard Chartered, as the ECA coordinator and covered lender, which will also provide an additional commercial facility of KRW 97.5 billion (approximately CAD$90 million) to SK ecoplant.
This funding will support SK ecoplant’s general corporate objectives, including investments and projects focused on semiconductor production and data centre development.
“Our partnership with SK Group is based on mutual recognition of the extraordinary growth potential in trade between our two countries. The first transaction with SK ecoplant is a tangible example of how we can help realise that potential,” said Alison Nankivell, President and CEO of Export Development Canada. “Canada has significant capabilities in advanced manufacturing and digital infrastructure. This financing will create supply chain opportunities with leading companies in one of the most promising markets in the Asia-Pacific.”
By using the Korean Won, this local currency funding is designed to help SK ecoplant effectively manage foreign exchange risk.
EDC’s support in South Korea has grown significantly, with total facilitated business increasing from approximately CAD$910 million in 2024 to CAD$1.35 billion in 2025. This includes a sharp increase in financing support of more than tenfold from CAD$17.9 million to CAD$201.3 million over the same period. EDC supports more than 300 customers in South Korea each year. This growth is supported by EDC’s expanded presence in the market, including the opening of its representative office in South Korea in 2023.
EDC is committed to deepening relationships with market leaders like SK Group in priority markets in the Asia-Pacific, such as South Korea.
“SK ecoplant will leverage this CAD$360 million transaction with EDC and Standard Chartered to support our semiconductor and data centre projects,” said Chai Joon-sik, CFO of SK ecoplant. “This is more than just a routine financial transaction and marks a new beginning for advanced manufacturing cooperation between Canada and Korea.”
South Korea is Canada’s seventh-largest merchandise trading partner and third-largest in Asia. In 2025, bilateral merchandise trade between Canada and South Korea remained strong at CAD$24.36 billion.
Canada exported merchandise worth CAD$7.1 billion to South Korea in 2025. As bilateral trade continues to grow, new opportunities are available for Canadian companies in food and agriculture, seafood, advanced manufacturing, energy, and clean technology.
The Canada-Korea Free Trade Agreement, Canada’s first free trade agreement with an Asia-Pacific country signed in 2015, and the Comprehensive Strategic Partnership established in 2022 have strengthened bilateral relations and supported broader market access for Canadian exporters in South Korea.
South Korea is the fourth-largest economy in Asia, with a nominal GDP of US$1.86 trillion in 2025.
About EDC
Export Development Canada (EDC) is a Crown financial corporation committed to helping Canadian companies make their mark at home and abroad. EDC provides the financial products and knowledge Canadian companies need to enter new markets with confidence, reduce financial risk, and grow their business as they transition from local to global. Together, EDC and Canadian companies build a more prosperous, stronger, and more sustainable economy for all Canadians. For more information and to learn how we can help your business, contact 1-800-229-0575 or visit www.edc.ca.