 has signed a financing agreement with Brookfield for up to $9 billion, completing funding for a $10 billion expansion of its [GAK Sejong data cen...](https://cdn.baxtel.com/data-center/naver-signs-9b-brookfield-deal-for-200mw-sejong-ai-factory/logo/large_naver-signs-9b-brookfield-deal-for-200mw-sejong-ai-factory-featured.jpg){kind=logo}
Naver has signed a financing agreement with Brookfield for up to $9 billion, completing funding for a $10 billion expansion of its GAK Sejong data center into a 200MW AI factory, KED Global reported. The signing clears the condition for Nvidia's planned $1 billion equity investment in Naver, due to close by Oct. 30.
Architectural view of Naver's GAK Sejong hyperscale campus in Sejong, South Korea.
The financing
Under the terms Naver first announced in July, Brookfield acts as the exclusive capital partner with up to $9 billion, Nvidia invests $1 billion and Naver funds the remainder. A Brookfield-led special purpose vehicle will own the Nvidia GPUs and the data center assets, including power, cooling and networking, while a wholly owned Naver subsidiary sells the computing capacity to outside customers on a GPU-as-a-service basis, according to The Elec, which first disclosed the structure in August. Nvidia is also a founding partner in Brookfield's global AI infrastructure program, and Brookfield manages about $100 billion across the AI infrastructure value chain.
"NVIDIA's strategic investment and our infrastructure supply agreement with Brookfield have propelled NAVER's vision for the AI Factory business into a robust execution phase," said Haejin Lee, founder and chairman of Naver.
The build-out
The capital funds an expansion of the initial NVIDIA DSX AI factory at GAK Sejong from 55 megawatts to 200 megawatts by 2028, running on Nvidia's Vera Rubin and Blackwell platforms. The site is expected to house about 100,000 Nvidia GPUs, with operations beginning at 55MW in the first half of 2027, rising to 100MW by the end of that year and reaching 200MW in 2028, the Korea Herald reported. Naver describes the project as a step toward gigawatt-scale sovereign AI infrastructure.
From term sheet to signature
The signing closes a negotiation that began in late July in San Francisco, where the three companies announced the $10 billion project during President Lee Jae Myung's AI summit visit. Nvidia noted at the time that Brookfield's commitment was a nonbinding term sheet, and that its own investment depended on Naver securing at least $9 billion of committed financing.
Korean lenders spent the autumn weighing GPU obsolescence and utilization risk. KB Kookmin, Shinhan, Hana and Woori, plus Korea Development Bank, considered joining, the Korea Herald reported.
The Sejong campus
Baxtel tracks 132 data center facilities in South Korea, 102 of them in the Seoul metro, where 21 sites are under construction. Naver has four sites in the Baxtel database. GAK Sejong, the 290,000 sqm Cloud Ring campus opened in late 2023, is listed at 265MW across operational, construction and planned capacity, and is designed for 600,000 servers at full build-out. In April, Naver raised a $270 million loan from the state Public Growth Fund for the same campus.
Why it matters
The signature converts a $10 billion proposal into financed construction, using a structure in which an asset manager owns the GPUs and the buildings while the cloud company sells the compute. That keeps the hardware off Naver's balance sheet while giving Brookfield exposure to AI demand.
Scaling the model to Naver's stated 1GW ambition now depends on utilization at GAK Sejong, starting at 55MW in the first half of 2027.