SeAH Wind Ltd. announced a private placement of 6,650,000 redeemable convertible preferred stock at a price of KRW 15,037.593985 per share for gross proceeds of KRW 100,000,000,000 on November 7, 2022. The transaction will include participation from returning investor SeAH Steel Holdings Corporation to retain its majority stake holding in the company. The shares carry 7% annual compound interest and are convertible into common shares and redeemable from March 2029 to August 2029.

The transaction will take place in two tranches, first tranche of KRW 50,000,000,000 on November 16, 2022 and second tranche of KRW 50,000,000,000 on February 15, 2023. The transaction has been approved by the board of directors of the investor.