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Energy & EnvironmentNEWPublished deal
Project Cube - Debt Financing
Asset-backed investment opportunity in an exclusive manufacturer of ultra-large-diameter offshore wind foundation steel pipes and conical sections
| Location | Korea |
|---|---|
| Industry | Energy & Environment |
| Revenue | KRW 5B-10B |
| Asking | Financing size of approximately KRW 15 billion (negotiable) |
| Deal structure | Secured debt preferred (equity or mezzanine negotiable), management control preferably retained |
| Financials | FY26 revenue of KRW 21 billion and operating profit of KRW 10.3 billion forecast (OPM 49%) |
Investment highlights
- Asset-backed investment opportunity with collateral coverage of 3.5x the financing amount (approximately KRW 52.5 billion)
- Right of first refusal on the plant site (20,000 pyeong) at approximately KRW 11 billion versus an appraised value of approximately KRW 25 billion
- Exclusive manufacturing capability in 6,000–12,000 mm ultra-large-diameter foundation steel pipes and conical sections avoided by listed pipe makers (turned profitable in 2024, 22% OPM in 2025)
- Three-year pipeline of approximately KRW 136.7 billion based on blue-chip customers including Doosan Enerbility
- Annual capacity of 80,000 tons underpinning FY26 revenue of KRW 21 billion and operating profit of KRW 10.3 billion (OPM 49%)
Deal partner
Junseok Lee, Partner