$8 Billion Loan to Fund NAVER AI Factory Under $9 Billion Asset Plan
Key Facts
KB Kookmin Bank has been mandated to lead a 10.7 trillion won loan, equivalent to $8 billion, for a Brookfield-backed AI factory project that will supply infrastructure to NAVER Cloud, the Korea Herald reported on November 1, 2026. The bank described the financing as South Korea’s first GPU financing and the largest syndicated loan arrangement in its history. The loan represents bank financing for the project, while the $9 billion amount NAVER announced in its agreement with Brookfield refers to a cap on planned infrastructure purchases. NAVER signed the agreement on October 27, 2026, and the amount does not mean that a loan of this size has already been disbursed. The project therefore involves two distinct mechanisms: announced bank financing of $8 billion and planned asset investment of up to $9 billion.
The Korea Herald said local banks and other securities firms are participating in the financing, but quoted KB Kookmin as saying it "did not provide further details on the lender group or loan terms." The newspaper did not name the final lenders or disclose their shares or the financing terms, nor did it confirm that the loan is backed by usage fees. The bank’s mandate to lead the loan therefore remains the published information about its role, while there are not enough details to determine each participating institution’s obligations. The disclosure comes as the project combines infrastructure assets owned and financed under Brookfield’s plan with a separate bank loan. The value of the announced loan does not automatically equal the value of purchases Brookfield will make, as each figure refers to a different part of the project structure.
In the background to the deal, NAVER, NVIDIA and Brookfield announced plans in July for a $10 billion AI factory project. Brookfield pledged to provide up to $9 billion for infrastructure, while NVIDIA announced its intention to make a strategic $1 billion investment in NAVER. This split places NVIDIA’s planned investment in the company in a separate category from Brookfield’s contribution for infrastructure. Brookfield’s $9 billion cap is also a limit on its planned contribution, not a description of a fully completed bank loan or a confirmed amount already spent. The project thus combines infrastructure financing, a strategic investment in NAVER and a loan arrangement led by KB Kookmin.
The Korea Herald said NAVER’s nominal guarantee for fees could reach 18.74 trillion won, assuming the full $9 billion investment cap is used. The newspaper said the guarantee does not cover the syndicated loan itself, separating NAVER’s fee-related commitment from the announced bank financing. According to the report, NAVER Cloud will operate the AI factory and sell computing services to customers. The company added that usage-fee payments will be linked to revenue from the factory business, easing the burden of upfront investment. Under this structure, fees are tied to service revenue, while the guarantee limits described in the report do not extend to the principal of the bank loan.
NAVER plans to expand the facility to include about 100,000 NVIDIA GPUs, the Korea Herald reported, citing the company. The capacity is part of a plan to expand the AI factory at the GAK Sejong data center. NVIDIA said the plan starts with an initial capacity of 55 megawatts, then rises to 200 megawatts by 2028. These figures set out a phased expansion path: initial capacity at the site followed by a later increase, alongside the projected number of GPUs. The operation of this infrastructure is tied to NAVER Cloud’s plan to provide computing services to customers.
NVIDIA’s announcement in July linked its planned $1 billion investment to customary closing conditions and to NAVER securing at least $9 billion in committed financing for the project. This condition separates NVIDIA’s proposed investment from the project financing required before completion. The $9 billion amount in the agreement with Brookfield sets a cap on planned infrastructure purchases, while the loan whose lead mandate was disclosed amounts to $8 billion. The report provided no further details about the lenders or loan terms, leaving the financing completion steps and closing date unclear. The most prominent operational step in the announced plan remains raising the capacity of the GAK Sejong facility from 55 megawatts to 200 megawatts by 2028.