GS Group is advancing a 15 trillion Korean won AI data center project in Donghae, Gangwon Province, which could become South Korea’s largest private infrastructure undertaking. The project ultimately targets 2.4 gigawatts, with 1.2 GW to be developed in stages during the first phase and completion targeted for 2028, although the schedule remains subject to design, permitting and tenant negotiations. GS, the group’s holding company, said on the 18th that it will provide an additional 200 billion won to GS AI Infrastructure in two installments, bringing its cumulative investment to 224 billion won according to the latest announcement. GS plans to raise about 3 trillion won through phased rights offerings and finance roughly 80% of total project costs, or 12 trillion won, through external borrowing. Securing long-term leases with anchor tenants such as Amazon, Google and Microsoft is therefore central to proving the cash flows needed for lenders. The site could also increase electricity demand and utilization at nearby power plants, including GS Donghae Power’s 1.2-GW coal-fired facility, although GS plans to receive electricity through Korea Electric Power Corporation. That prospect remains at odds with South Korea’s policy of phasing out coal-fired generation by 2040.