Unison Strengthens Finances Through Convertible Bond Conversion

Original Korean article: Electric Times

Myungwoon, the largest shareholder of wind turbine specialist Unison, will convert 37.6 billion won in convertible bonds that it holds entirely into ordinary shares. Unison expects to improve its financial structure by eliminating capital erosion and lowering its debt-to-equity ratio below 100 percent.

Unison announced on the 31st that following this exercise of conversion rights, Myungwoon will acquire 32.413793 million ordinary shares at a conversion price of 1,160 won per share. As a result, Myungwoon's shareholding will increase from 23.415977 million shares to 55.829770 million shares, and its stake will expand from 9.02 percent to 19.13 percent.

Financial Structure Improvement

Through the conversion of these convertible bonds into shares, Unison's equity will increase and its debt will decrease. According to the company, the capital erosion rate of 19.05 percent as of the first half of 2026 will fall to negative 1.66 percent after the conversion, allowing the company to exit capital erosion status. The debt-to-equity ratio will also drop from 171.33 percent to 92.07 percent, marking the first time since 2012 that it will fall below 100 percent.

Based on the improved financial structure, Unison plans to strengthen financial stability needed for participation in large-scale wind power projects while enhancing its capacity to secure new contracts and execute existing projects.

Shareholding Structure and Strategic Direction

Related party Samhae E&C will maintain a 2.93 percent stake after the conversion, while key partner Bigrim Power Korea will hold 2.09 percent. Bigrim Power Korea plans to further expand its stake through market purchases. The combined stake of Myungwoon and its related parties, including Samhae E&C, will rise from the current 12.32 percent to 22.06 percent after the conversion. Through this convertible bond conversion and stake expansion, Myungwoon plans to strengthen management control over Unison and expand its participation in major projects and medium to long-term growth strategies.

Unison is currently advancing offshore wind projects including Gochang offshore wind and Hanbit offshore wind. On land, it plans to proceed with Yeongam Samho wind and Yukbaeksan wind, a project it is developing itself, according to a phased schedule. Recently, the company has been broadening its business scope from turbine supply to power plant development and maintenance by acquiring a crew transfer vessel for offshore wind operation and maintenance capabilities.

Unison's plan is to link Myungwoon's wind project development capabilities, its own turbine manufacturing technology, and Bigrim Power Korea's global business network to expand the acquisition of domestic and international wind projects and business development.

An Unison official stated that "this conversion is a decision that more closely aligns the interests of the largest shareholder and Unison toward a single direction of long-term growth," adding that "improved financial structure will support the acquisition of new projects and stable execution of currently secured projects."

The official continued, "We will translate the synergy among the three companies, combining Myungwoon's wind project development capabilities, Unison's turbine manufacturing technology, and Bigrim Power Korea's global network, into tangible business results and long-term enhancement of corporate value."