First transaction with SK ecoplant following EDC's Market Leader Partnership with SK Group, South Korea's second‑largest conglomerate; the deal is supported by Standard Chartered
OTTAWA, ON, March 31, 2026 /CNW/ - Today, Export Development Canada (EDC) is announcing KRW 390 billion (approximately CAD$360 million) in financing to SK ecoplant, SK Group's AI infrastructure solution provider. This marks EDC's first financial guarantee transaction with SK ecoplant and builds on EDC's broader strategic relationship with SK Group. It is the first transaction following the Market Leader Partnership (MLP) memorandum of understanding (MOU) signed with SK Inc. in 2024.
As part of the SK Inc.–EDC MOU, EDC and SK ecoplant recently concluded a MLP MOU to formalize their collaboration and advance export trade between Canada and South Korea in key sectors of focus, including advanced manufacturing, digital technology, infrastructure, energy and critical minerals. SK ecoplant's parent company, SK Group, is South Korea's second‑largest conglomerate, after Samsung, with operations across semiconductors, energy, telecommunications and digital infrastructure, including AI‑related data centres.
"I am delighted to witness the signing of the first transaction under EDC's Market Leader Partnership with SK Group and SK ecoplant," said The Honourable Maninder Sidhu, Canada's Minister of International Trade. "Today's news represents a key milestone in strengthening Canada–South Korea commercial ties. This collaboration is creating new opportunities for Canadian businesses while supporting sustainable growth and resilient supply chains."
This transaction with SK ecoplant includes a KRW 292.5 billion (approximately CAD$270 million) EDC guaranteed facility with its banking partner, Standard Chartered as an ECA coordinator and a covered lender, who will also provide an additional KRW 97.5 billion (approximately CAD$90 million) commercial facility to SK ecoplant.
The financing is set to support SK ecoplant's general corporate purposes including investments and projects focused on semiconductor manufacturing and data centre development.
"Our partnership with SK group is founded on joint recognition of the tremendous potential for trade growth between our countries, and this first transaction with SK ecoplant is a concrete example of how we can help realize that potential," said Alison Nankivell, President and CEO of Export Development Canada. "Canada has significant capabilities in the advanced manufacturing and digital infrastructure space, and this financing will create supply chain opportunities with a leading company in one of the Asia-Pacific's most promising markets."
Denominated in Korean Won, the local‑currency financing is designed to help SK ecoplant manage foreign‑exchange risk effectively.
EDC's support in South Korea has grown significantly, with total business facilitated increasing from approximately CAD$910 million in 2024 to CAD$1.35 billion in 2025. This includes a sharp increase in financing support, which rose 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 annually. This growth has been supported by EDC's expanded in‑market presence, including the opening of its representation in South Korea in 2023.
EDC is committed to deepen relationships with market leaders like SK Group in priority Asia-Pacific markets such as South Korea.
"SK ecoplant will utilize 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 goes beyond a simple financial transaction and marks a new beginning for advanced manufacturing collaboration between Canada and Korea."
South Korea is Canada's seventh-largest merchandise trading partner and third-largest in Asia. For 2025, bilateral merchandise trade between Canada and Korea remained robust at CAD$24.36 billion.
Canada exported CAD$7.1 billion in merchandise to Korea in 2025. As bilateral trade continues to grow, new opportunities are emerging for Canadian companies in agri‑food, seafood, advanced manufacturing, energy and clean technology.
The Canada–Korea Free Trade Agreement, Canada's first free trade agreement with an Asia‑Pacific nation signed in 2015, and the Comprehensive Strategic Partnership established in 2022 have strengthened bilateral ties and supported greater market access for Canadian exporters in South Korea.
South Korea is the fourth-largest economy in Asia, with a nominal gross domestic product (GDP) of US$1.86 trillion in 2025.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
SOURCE Export Development Canada
Media Contact: Media | Export Development Canada, 1-888-222-4065, [email protected]
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