Macquarie Korea Infrastructure Fund

Gwangju Second Beltway Section 1
Sorabol City Gas Co., Ltd.


CNCITY Energy Co., Ltd.

Asset overview

Established in 1985, CNCITY Energy Co., Ltd. (“CNCITY”) is the exclusive city gas retail distributor in Daejeon City and Gyeryong City in Korea and the provider of heat, electricity and steam generated from energy facilities with an aggregate capacity of 113MW. In 2022, CNCITY distributed 739 million m3 of gas to 683,796 users across the two regions through its 1,748km of pipelines. At the end of 2022, CNCITY achieved the penetration rate of ~95% in Daejeon City and Gyeryong City. 

Investment details

MKIF committed to acquire 48% of equity stake in CNCITY for KRW 183.2 billion on 2 June 2023, and made the corresponding investment on 25 July 2023. Post the financial closing, MKIF is a 48% shareholder of CNCITY, and MKIF’s total investment in CNCITY is KRW 183.2 billion (Equity KRW 183.2 billion). 

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Business overview  
Asset company CNCITY Energy Co., Ltd.
Establishment 1985
Operation period Going-concern
Business Distribution & sale of city gas and associated products
Distribution area Daejeon City and Gyeryong City (95%)
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Facilities (city gas)  
Pipeline length* Total 1,748km
No. of users* 683,796
Amount of gas distributed* 739 million m3
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Facilities (heat & electricity)  
Capacity* Total 113MW
Amount of electricity provided* 160,077 MWh
Amount of heat/steam provided* 987,819 gcal

*Pipeline length & capacity as at the end of 2022, and no. of users and amount of gas/electricity/heat/steam provided are during 2022.

Asset location