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Borrowings and Debt Securities (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about borrowings [abstract]

Summary of Borrowings And Debt Securities

(1) Borrowings and debt securities as of December 31, 2023 and 2024 are as follows:

						2023				2024
						In millions of won
Current liabilities
Short-term borrowings		￦					10,667,335				9,122,792
Current portion of long-term borrowings							5,780,638				8,434,330
Current portion of debt securities							24,681,439				26,908,467
Less: Current portion of discount on long-term borrowings							(1,152	)			(16,537	)
Less: Current portion of discount on debt securities							(7,176	)			(7,100	)
Add: Current portion of premium on debt securities							263				—
							41,121,347				44,441,952
Non-current liabilities
Long-term borrowings							3,407,514				3,153,867
Debt securities							89,293,561				85,149,391
Less: Discount on long-term borrowings							(14,683	)			(35,071	)
Less: Discount on debt securities							(175,909	)			(176,739	)
							92,510,483				88,091,448
		￦					133,631,830				132,533,400

Repayment Schedule of Borrowings and Debt Securities

(2) Repayment schedule of borrowings and debt securities as of December 31, 2023 and 2024 are as follows:

2023
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					16,447,973				24,681,439
1~ 5 years							1,649,696				64,342,617
Over 5 years							1,757,818				24,950,944
		￦					19,855,487				113,975,000

2024
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					17,557,122				26,908,467
1~ 5 years							1,488,840				63,087,182
Over 5 years							1,665,027				22,062,209
		￦					20,710,989				112,057,858

Short-term Borrowings

(3) Short-term borrowings as of December 31, 2023 and 2024 are as follows:

2023

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of USD

Local short-term borrowings

DB Financial Investment and others

4.00~4.84

2024.01.05 ~2024.12.31

—

￦

6,180,339

Local short-term borrowings

Nonghyup Bank and others

3M CD+0.98~1.12

2024.05.26 ~2024.11.20

—

4,300,000

Local short-term borrowings

Korea Development Bank

Standard overdraft rate+1.06

2024.02.24

—

30,000

Local short-term borrowings

Export-Import Bank of Korea

3M Bank debenture rate+0.34

2024.12.27

—

50,000

Foreign short-term borrowings

Export-Import Bank of Korea

5.49

2024.09.27

USD 40,000

51,576

Foreign short-term borrowings

Kookmin Bank

SOFR(1M)+0.95

2024.02.16

USD 40,000

51,576

Local bank overdraft

Woori Bank and others

Standard overdraft rate+1.37 4.63~5.34

2024.01.05 ~2024.02.23

—

3,844

￦

10,667,335

2024

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of USD

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

3.27~4.60

2025.01.07 ~2025.12.31

—

￦

4,953,348

Local short-term borrowings

Nonghyup Bank and others

3M CD+0.23~0.65 4.17

2025.01.02 ~2025.11.20

—

3,934,600

Foreign short-term borrowings

Hana Bank

SOFR(1M)+0.90

2025.08.12

USD 40,000

58,800

Local bank overdraft

Korea Development Bank

3.85

2025.04.28

—

100,000

Local bank overdraft

Woori Bank and others

Standard overdraft rate+1.37 4.20

2025.02.21 ~2025.03.28

—

76,044

￦

9,122,792

Long-term Borrowings

(4) Long-term borrowings as of December 31, 2023 and 2024 are as follows:

2023
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won
Local long-term borrowings
Korea Development Bank		Others		0.50		2024~2044			—			￦	1,758
		Facility		2.60~4.94		2025~2042			—				53,052
		Facility		CB rate+0.90		2029			—				9,985
		Operating funds		1yr KDB rate+0.91		2024			—				40,000
Hana Bank and others		Commercial Paper		3M CD+0.13~1.20		2024~2028			—				5,350,000
		Facility		4.60		2028			—				6,558
		Facility		3yr KTB rate-2.50		2028			—				3,156
Export-Import Bank of Korea		Project loans		1.00		2026			—				7,365
		Facility		1.32		2028			—				80,000
		Operating funds		3M Bank debenture rate +0.66		2026			—				40,000
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25 2.25		2024~2028			—				9,176
		Facility		3yr KTB rate-1.50		2024			—				163
		Project loans		—		2033			—				1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—				16,825
		Operating funds		6M Bank debenture rate+0.93		2025			—				20,000
		Commercial Paper		3M CD+0.38		2025			—				150,000
		Others		3.95		2034			—				73,425
		Others		Standard overdraft rate+1.00		2034			—				73,425
Kookmin Bank		Facility		1yr Bank debenture rate+0.78 3M CD+1.79~2.10 5.04		2025~2037			—				186,032
Woori Bank		Facility		Standard overdraft rate+1.60 3M CD+1.90 5.04		2034~2042			—				101,172

2023
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won
IBK		Facility		4.00~5.80		2042~2044			—				30,690
Nonghyup Bank		Facility		3M CD+2.00~2.10		2030~2041			—				22,517
Others		Facility		3.50~6.80		2028~2042			—				735,722
		Facility		CB rate+1.10 3M CD+2.10 1.75~3.30		2024~2041			—				51,509
		PF Refinancing		CB rate+1.25		2030			—				6,680
		PF Refinancing		4.10		2030			—				18,556
		Securitized debts (*)		3M CD+1.80		2025			—				52,060
		Others		4.40~7.90		2025~2039			—				113,973
		Others		1.80~4.50		2031~2034			—				49,879
												￦	7,304,875

2023

Type

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

￦

11,274

Export-Import Bank of Korea and others

Direct Loan and others

6M Synthetic Libor+1.80~3.20

2036

USD 78,347

101,020

Direct Loan and others

6M Synthetic Libor+2.25~3.70

2027

JOD 62,385

113,390

Facility

6M Synthetic Libor+1.70~2.50 SOFR(1M)+1.83

2029~2031

USD 120,916

155,909

Korea Development Bank and others

EBL

SOFR(1M)+0.86

2025

USD 142,049

183,157

POSCO E&C and others

Shareholder’s loan

5.60~8.00

2025

USD 10,770

13,887

Shareholder’s loan

8.00

2031

JOD 5,419

9,850

Samsung Life Insurance and others

Syndicated Loan

3.10~8.00

2032

JPY 4,350,671

39,707

Woori Bank and others

Syndicated Loan

JPY 6M Tibor+1.84

2032

JPY 2,399,088

21,896

Solar Construction Lending, LLC

Facility

5.00

2025

USD 29,894

38,545

Kiwoom Solar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 40,478

57,745

IFC and others

Facility

SOFR(3M)+1.99 SOFR(6M)+5.00 3M BSBY+1.70 6.05~6.62

2024~2031

USD 655,922

845,746

Hanwha US Solar Private Fund 1 and others

Facility

6.00

2039

USD 60,674

78,233

DBS Bank and others

Facility

1M BBSY+1.40~2.25

2025

AUD 185,086

162,891

Nonghyup Bank and others

Facility

10.40

2039

USD 38,799

50,027

1,883,277

9,188,152

Less: Discount on long-term borrowings

(15,835

)

Less: Current portion of long-term borrowings

(5,780,638

)

Add: Current portion of discount on long-term borrowings

1,152

￦

3,392,831

(*) The main reasons for early repayment of securitized debts as of December 31, 2023 are as follows:

Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Company is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

2024
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won
Local long-term borrowings
Korea Development Bank		Others		0.50		2025~2044			—			￦	1,424
		Facility		2.60~4.94		2025~2042			—				51,960
		Facility		CB rate+0.90		2029			—				9,486
Hana Bank and others		Commercial Paper		3M CD+0.31~1.20		2025~2029			—				7,550,000
		Facility		4.60		2028			—				4,904
		Facility		3yr KTB rate-1.25		2028			—				2,492
Export-Import Bank of Korea		Project loans		1.00		2026			—				4,419
		Facility		1.32		2025~2028			—				64,000
		Operating funds		3M bank debenture rate+0.66		2026			—				50,000
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25 1.75		2025~2028			—				7,494
		Project loans		—		2033			—				1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—				13,995
		Operating funds		6M bank debenture rate+0.93~1.03		2025~2027			—				50,000
		Others		3.95		2034			—				67,733
		Others		Standard overdraft rate+1.00		2034			—				67,733
Kookmin Bank		Facility		3M CD+1.79 5.53~5.63		2030~2037			—				167,945
		Operating funds		1yr bank debenture rate+0.78		2025			—				20,000
Woori Bank		Facility		3M CD+1.90 5.12~5.61		2034~2042			—				100,071
IBK		Facility		4.00~5.80		2042~2044			—				30,690
Nonghyup Bank		Facility		5.53~5.63		2030~2041			—				36,351
Others		Facility		3.30~6.80		2028~2042			—				801,687
		Facility		CB rate+1.10 2.25~5.63		2028~2041			—				24,517
		PF Refinancing		CB rate+1.25		2030			—				5,726
		PF Refinancing		4.10		2030			—				15,905
		Securitized debts (*)		3M CD+1.80		2025			—				54,236
		Others		4.40~7.90		2025~2039			—				113,362
		Others		2.00~6.15		2031~2034			—				49,826
												￦	9,367,153

2024

Type

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

￦

12,853

Export-Import Bank of Korea and others

Direct Loan and others

6M Synthetic Libor+1.80~3.20

2036

USD 72,163

106,080

Direct Loan and others

6M Synthetic Libor+2.25~3.70

2027

JOD 44,126

91,437

Facility

SOFR+0.43 SOFR(1M)+1.83

2029~2031

USD 112,672

165,628

Korea Development Bank and others

EBL

SOFR(1M)+0.86

2025

USD 149,592

219,900

POSCO E&C and others

Shareholder’s loan

5.60~8.00

2025~2026

USD 10,145

14,914

Shareholder’s loan

8.00

2031

JOD 4,853

10,056

Samsung Life Insurance and others

Syndicated Loan

3.10~8.00

2025~2032

JPY 3,937,987

36,878

Woori Bank and others

Syndicated Loan

JPY 6M Tibor+1.84

2025

JPY 2,178,069

20,397

Solar Construction Lending, LLC

Facility

5.00

2025

USD 28,303

41,605

Kiwoom Solar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 38,139

58,304

IFC and others

Facility

SOFR(3M)+1.60~1.99 SOFR(6M)+5.00 6.19~7.22

2026~2032

USD 772,852

1,136,092

Hanwha US Solar Private Fund 1 and others

Facility

6.00

2038

USD 60,743

89,292

DBS Bank and others

Facility

1M BBSY+1.40~2.25

2025

AUD 178,729

163,301

Nonghyup Bank and others

Facility

10.40

2039

USD 36,943

54,307

2,221,044

11,588,197

Less: discount on long-term borrowings

(51,608

)

Less: current portion of long-term borrowings

(8,434,330

)

Add: current portion of discount on long-term borrowings

16,537

￦

3,118,796

(*) The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:

Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Company is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

Local Debt Securities

(5) Local debt securities as of December 31, 2023 and 2024 are as follows:

		Issue date				Maturity				Interest rate (%)								2023				2024
		In millions of won
Electricity Bonds			2012.03.27 ~ 2024.12.17				2025.01.03 ~ 2052.04.21				1.43~5.99			￦					67,730,000				63,960,000
Corporate Bonds (*)			2009.10.16 ~ 2024.10.04				2025.01.10 ~ 2054.06.28				1.28~10.00								29,887,353				28,727,353
Corporate Bonds			2021.05.26 ~ 2023.12.28				2041.05.25 ~ 2043.09.15				1.71~3.78								41,578				41,578
																			97,658,931				92,728,931
Less: Discount on local debt securities																			(54,826	)			(51,149	)
Less: Current portion of local debt securities																			(23,141,584	)			(22,621,584	)
Add: Current portion of discount on local debt securities																			4,712				2,124
														￦					74,467,233				70,058,322

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to ￦1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.

Foreign Debt Securities

(6) Foreign debt securities as of December 31, 2023 and 2024 are as follows:

		2023
Type		Issue date		Maturity		Interest rate (%)		Foreign currency								Local currency
		In millions of won and thousands of foreign currencies
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95			USD 278,701			￦					359,357
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			USD 314,717								405,796
FY-04		2004.04.23		2034.04.23		5.13			USD 286,920								369,955
FY-14		2014.07.30		2029.07.30		3.57			USD 100,000								128,940
FY-15		2015.06.15		2025.06.15		3.25			USD 300,000								386,820
FY-17		2017.07.25		2027.07.25		3.13			USD 300,000								386,820
FY-17		2017.10.30		2037.10.30		1.70			EUR 40,000								57,064
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000								58,050
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000								272,349
FY-19		2019.02.27		2024.02.27		0.13			CHF 200,000								305,364
FY-19		2019.06.24		2024.06.24		2.50			USD 500,000								644,700
FY-19		2019.07.19		2024.07.19~2027.07.19		0.00~0.05			CHF 300,000								458,046
FY-19		2019.10.30		2024.10.30		3M BBSW+0.97			AUD 300,000								264,024
FY-19		2019.12.19		2037.12.31		3.30~5.70			USD 342,753								441,946
FY-20		2020.02.03		2025.02.03		2.13			USD 300,000								386,820
FY-20		2020.05.06		2025.05.06		1.75			USD 500,000								644,700
FY-20		2020.06.15		2025.06.15		1.13			USD 500,000								644,700
FY-20		2020.08.03		2026.02.03		1.00			USD 300,000								386,820
FY-21		2021.01.27		2026.01.27		0.75			USD 450,000								580,230
FY-21		2021.04.27		2026.04.27		1.25			USD 500,000								644,700
FY-21		2021.08.09		2026.08.09		1.25			USD 300,000								386,820
FY-21		2021.09.24		2026.09.24		1.13			USD 300,000								386,820
FY-22		2022.04.21		2027.04.21		3.63			USD 300,000								386,820
FY-22		2022.05.06		2025.05.06		3.60			USD 500,000								644,700
FY-22		2022.06.14		2025.06.14~2027.06.14		3.63~4.00			USD 800,000								1,031,520
FY-22		2022.06.28		2025.06.28		4.13			USD 300,000								386,820
FY-22		2022.07.27		2027.07.27		4.25			USD 700,000								902,580
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			USD 800,000								1,031,520
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000								387,891
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000								171,167
FY-23		2023.07.12		2028.07.12		4.88			USD 350,000								451,290
FY-23		2023.07.18		2028.07.18		5.00			USD 500,000								644,700
FY-23		2023.07.31		2026.07.31		5.38			USD 1,000,000								1,289,400
FY-23		2023.09.21		2026.09.21		5.38			USD 300,000								386,820
																	16,316,069
Less: Discount on foreign debt securities																	(128,259	)
Add: Premium on foreign debt securities																	263
Less: Current portion of foreign debt securities																	(1,539,855	)
Add: Current portion of discount on foreign debt securities																	2,464
Less: Current portion of premium on foreign debt securities																	(263	)
												￦					14,650,419

		2024
Type		Issue date		Maturity		Interest rate (%)		Foreign currency								Local currency
		In millions of won and thousands of foreign currencies
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95			USD 278,701			￦					409,690
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			USD 314,717								462,634
FY-04		2004.04.23		2034.04.23		5.13			USD 286,920								421,772
FY-14		2014.07.30		2029.07.30		3.57			USD 100,000								147,000
FY-15		2015.06.15		2025.06.15		3.25			USD 300,000								441,000
FY-17		2017.07.25		2027.07.25		3.13			USD 300,000								441,000
FY-17		2017.10.30		2037.10.30		1.70			EUR 40,000								61,149
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000								59,954
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000								312,345
FY-19		2019.07.19		2027.07.19		0.05			CHF 100,000								162,638
FY-19		2019.12.19		2037.12.31		3.30~5.70			USD 326,929								480,586
FY-20		2020.02.03		2025.02.03		2.13			USD 300,000								441,000
FY-20		2020.05.06		2025.05.06		1.75			USD 500,000								735,000
FY-20		2020.06.15		2025.06.15		1.13			USD 500,000								735,000
FY-20		2020.08.03		2026.02.03		1.00			USD 300,000								441,000
FY-21		2021.01.27		2026.01.27		0.75			USD 450,000								661,500
FY-21		2021.04.27		2026.04.27		1.25			USD 500,000								735,000
FY-21		2021.08.09		2026.08.09		1.25			USD 300,000								441,000
FY-21		2021.09.24		2026.09.24		1.13			USD 300,000								441,000
FY-22		2022.04.21		2027.04.21		3.63			USD 300,000								441,000
FY-22		2022.05.06		2025.05.06		3.60			USD 500,000								735,000
FY-22		2022.06.14		2025.06.14~2027.06.14		3.63~4.00			USD 800,000								1,176,000
FY-22		2022.06.28		2025.06.28		4.13			USD 300,000								441,000
FY-22		2022.07.27		2027.07.27		4.25			USD 700,000								1,029,000
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			USD 800,000								1,176,000
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000								444,855
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000								196,304
FY-23		2023.07.12		2028.07.12		4.88			USD 350,000								514,500
FY-23		2023.07.18		2028.07.18		5.00			USD 500,000								735,000
FY-23		2023.07.31		2026.07.31		5.38			USD 1,000,000								1,470,000
FY-23		2023.09.21		2026.09.21		5.38			USD 300,000								441,000
FY-24		2024.01.31		2027.01.31		4.88			USD 1,200,000								1,764,000
FY-24		2024.07.29		2029.07.29		4.63			USD 500,000								735,000
																	19,328,927
Less: discount on foreign debt securities																	(132,690	)
Less: current portion of foreign debt securities																	(4,286,883	)
Add: current portion of discount on foreign debt securities																	4,976
												￦					14,914,330

Schedule of Changes in Borrowings and Debt Securities

(7) Changes in borrowings and debt securities for the years ended December 31, 2023 and 2024 are as follows:

						2023												2024
						Borrowings				Debt Securities				Total				Borrowings				Debt Securities				Total
						In millions of won
Beginning balance		￦					15,420,176				105,185,189				120,605,365				19,839,652				113,792,178				133,631,830
Cash flow							4,406,382				8,286,542				12,692,924				604,841				(4,211,164	)			(3,606,323	)
Effect of exchange rate fluctuations							13,210				322,143				335,353				250,661				2,294,022				2,544,683
Others							(116	)			(1,696	)			(1,812	)			(35,773	)			(1,017	)			(36,790	)
		￦					19,839,652				113,792,178				133,631,830				20,659,381				111,874,019				132,533,400

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The disclosure of detailed information about borrowings. [Refer: Borrowings]

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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