📋 Korean Law Insight | Foreign Investment & Business Law
By Attorney NOH UJIN | HANBYOL LAW LLC, Seoul
Public-Private Partnerships (PPP) and Infrastructure Investment in Korea: A Legal Guide for Foreign Investors
South Korea's infrastructure market represents one of the most mature and legally sophisticated public-private partnership (PPP) ecosystems in Asia. Since enacting the Act on Private Participation in Infrastructure (민간투자법, Act No. 19526) — commonly referred to as the "PPI Act" — in 1994, Korea has developed a comprehensive legal and institutional framework that has attracted billions of dollars in foreign investment into transportation, energy, water, and social infrastructure projects.
As of 2025, Korea's cumulative PPP investment exceeds KRW 80 trillion (approximately USD 60 billion), with over 700 operational private investment projects spanning highways, railways, seaports, airports, BTL school and military facilities, water treatment plants, and public hospitals. For foreign investors, institutional funds, infrastructure debt providers, and engineering/construction firms, understanding Korea's PPP legal regime is essential to accessing this substantial and growing market.
1. Regulatory Framework and Key Institutions
Korea's PPP framework operates under several interlocking statutes and guidelines:
- Act on Private Participation in Infrastructure (민간투자법): The foundational PPP statute, establishing the project types, concession structures, risk allocation framework, government support mechanisms, and investor rights.
- Enforcement Decree (민간투자법 시행령): Provides detailed implementation rules including minimum investment thresholds, concession period limits, and VGF (Viability Gap Funding) caps.
- Standard PPP Agreement Guidelines (표준실시협약): Issued by MOLIT (Ministry of Land, Infrastructure and Transport) and MOSF (Ministry of Economy and Finance), these standardized contract templates govern the allocation of risks between the government grantor and the private concessionaire.
- Foreign Investment Promotion Act (외국인투자촉진법, FIPA): Provides the legal basis for foreign investor protections, tax incentives (excluding general exemptions, sector-specific incentives apply), and notification requirements for foreign participation in Korean PPP projects.
Key institutional actors include:
- Ministry of Land, Infrastructure and Transport (MOLIT / 국토교통부): Primary grantor authority for road, railway, and port PPPs.
- Ministry of Economy and Finance (MOSF / 기획재정부): Issues PPP basic plans, approves VGF commitments, and oversees the PPP center.
- Korea Infrastructure Credit Guarantee Fund (KHGF / 한국인프라크레딧보증기금): Provides credit guarantees for PPP project debt financing.
- Korea Development Bank (KDB / 한국산업은행): Historically the leading PPP project finance lender and sometimes co-equity partner.
- Public and Private Infrastructure Investment Management Center (PIMAC / 민간투자사업 지원센터): Under KDI (Korea Development Institute), PIMAC conducts feasibility studies, advises on project structuring, and monitors ongoing PPP projects.
2. PPP Project Types: BTO, BTL, and Hybrid Structures
Korea's PPI Act provides for several primary PPP structures:
| Type | Full Name | Revenue Source | Risk Bearer | Typical Sectors |
|---|
| BTO | Build-Transfer-Operate | User tolls/fees | Private (demand risk) | Toll roads, railways, ports, airports |
| BTL | Build-Transfer-Lease | Government availability payments | Government (demand risk) | Schools, military facilities, public housing, water plants |
| BOT | Build-Operate-Transfer | User fees (during operation) | Private | Energy, specialized infrastructure |
| BTO-rs | BTO with Risk Sharing | User fees + government subsidy when needed | Shared | Urban transit, tunnels (post-2015) |
| BTO-a | BTO with Adjusted Revenue | User fees + government top-up/clawback | Shared | Highways, urban infrastructure |
The BTO-rs and BTO-a structures were introduced after 2015 to address the failures of original BTO structures where overly optimistic traffic demand forecasts by private sponsors led to significant government Minimum Revenue Guarantees (MRG) payouts. Under BTO-rs, when actual traffic revenue falls below 75% of projected, the government compensates 50% of the shortfall; when revenue exceeds 110%, the government takes back 50% of the excess. This creates a more sustainable risk equilibrium.
3. Project Solicitation: Solicited vs. Unsolicited Proposals
Korean PPP projects can originate either through government solicitation or private unsolicited proposals (민간제안사업):
- Government-Solicited Projects (정부고시사업): The government identifies the project need, announces a procurement, and invites competitive bids. PIMAC or the relevant ministry conducts the preliminary feasibility study (PFS) and the project is awarded through competitive tender.
- Private-Proposed Projects (민간제안사업): A private entity (the "proposer") independently develops a project concept and submits a proposal to the relevant government grantor. If the proposal meets the evaluation criteria, the grantor may initiate a competitive tender for the project — and the original proposer is given a "proposer advantage" (가점제도) in the scoring, typically adding 3–10 points to their bid score. If no competing bid is received within the tender period, the proposer may be designated directly.
Private-proposal projects are particularly attractive for foreign consortia that develop innovative project concepts — energy transition infrastructure, smart city components, green hydrogen facilities — where government procurement pipelines may not yet have identified the opportunity.
4. Government Support Mechanisms for PPP Projects
The PPI Act provides a suite of government support tools to improve project bankability:
- Viability Gap Funding (VGF / 건설보조금): An upfront capital grant of up to 30% of construction cost to make borderline-viable projects financially feasible, typically used for BTOs in lower-density corridors.
- Operation Subsidy (운영보조금): Annual operating subsidies paid by the government during the operation period for specific project types.
- Minimum Revenue Guarantee (MRG / 최저운영수입보장): Largely phased out after 2009 following fiscal concerns, but grandfathered commitments remain in legacy contracts. New MRG is generally not available.
- KHGF Credit Guarantees: Project debt can be wrapped with KHGF guarantees, significantly reducing the interest rate margin and improving debt capacity.
- Government Land and Permitting Support: For qualifying projects, the grantor provides land at no cost or below market value, and coordinates the accelerated processing of environmental impact assessments and construction permits.
5. Project Finance and Financing Structure
Korean PPP projects are almost universally financed through project finance (프로젝트파이낸스) structures with the following typical features:
- Special Purpose Vehicle (SPC / 특수목적법인): A Korean company limited (주식회사) is formed as the concession holder. Foreign investors typically participate as equity shareholders in the SPC alongside Korean construction companies and financial investors.
- Debt-to-Equity Ratio: Typically 70–80% debt / 20–30% equity. KHGF-wrapped debt can reach 85% LTV in some cases.
- Senior Lenders: KDB, policy banks (IBK, EXIM), commercial banks, and increasingly infrastructure debt funds (including foreign IDF managers).
- Security Package: Concession agreement assignment, share pledge, project account pledge, and in some cases a DSCR-based step-in right for lenders.
- Interest Rate: 3-month CD rate or 5-year treasury benchmark plus 100–200 bps for senior debt (higher for subordinated tranches).
6. Foreign Investment in Korean PPP Projects
Foreign participation in Korean PPP projects is legally permitted and actively encouraged under FIPA, subject to certain sector restrictions. Key points for foreign investors:
- FIPA Notification: Foreign equity investments above USD 100,000 in a Korean PPP SPC require prior notification to KOTRA's Invest KOREA or the relevant regional office (post-investment notification also available for most sectors).
- Restricted Sectors: Foreign participation is prohibited or limited in certain sensitive infrastructure sectors (e.g., national defense facilities, certain energy grids). For most commercial PPP sectors (roads, railways, water, social facilities), no foreign ownership restrictions apply.
- Repatriation Rights: Under FIPA and the Foreign Exchange Transactions Act (FETA), foreign investors in Korean PPP projects have guaranteed rights to repatriate profits (dividends), principal repayments, and capital gains, subject to standard anti-money laundering reporting.
- BIT Protections: Korea has bilateral investment treaties (BITs) with over 90 countries and is party to key FTAs (including KORUS FTA, Korea-EU FTA) that provide investor-state dispute settlement (ISDS) protections for foreign PPP investors against expropriation or discriminatory treatment by Korean public authorities.
7. Key Legal Risks and Due Diligence Points
Based on transactional experience, the following legal risk areas deserve careful attention in Korean PPP investments:
- Demand Forecasting Risk: For BTO projects, verify the underlying traffic/demand model. Historical Korean BTO projects have suffered from overestimated demand by 30–50%.
- Force Majeure and Compensation Events: Review the standard agreement's definition of "compensable events" carefully — Korean government grantors have historically resisted broad FM and change-in-law compensation claims.
- Regulatory Change Risk: Particularly for energy PPPs, Korea's rapidly evolving renewable energy and grid tariff regulations can affect project economics significantly.
- Land Acquisition: Delays in land acquisition by the government grantor are a common cause of project delays. Review the land acquisition schedule warranty and the delay compensation mechanism.
- Concession Renewal and Termination: Understand the termination compensation formula — the PPI Act provides for government compensation equal to construction cost minus accumulated depreciation in cases of government-initiated termination, but the calculation methodology is often disputed.
📌 Official References
Frequently Asked Questions (FAQ)
Q1. Can a 100% foreign-owned entity act as the PPP concession holder in Korea?
In principle, yes — for most commercial infrastructure sectors (roads, railways, ports, water, social infrastructure), there is no legal prohibition on 100% foreign ownership of the Korean SPC (special purpose company) that holds the PPP concession. However, in practice, the government grantor's procurement criteria often award preference points to bidders with Korean construction company participation, since K-construction involvement is seen as a quality and completion risk mitigation factor. Most foreign investors therefore participate in joint venture SPCs alongside Korean construction companies and local financial investors. The SPC must in all cases be incorporated as a Korean legal entity (주식회사).
Q2. What is the typical concession period for Korean PPP projects?
Concession periods vary by project type and scale. For major BTO road/railway projects, 30–50 year concessions are standard. BTL projects (social infrastructure) typically have 20–30 year lease periods. The PPI Act sets a maximum concession period of 50 years, extendable under specific circumstances. Post-operation, the infrastructure asset is transferred to the government grantor at no cost.
Q3. How does the Korean government support project bankability for BTO projects?
The main tools are: (1) Viability Gap Funding (VGF) — upfront construction grants of up to 30% of capex; (2) KHGF credit guarantees on senior debt — reducing borrowing costs; (3) government land provision; (4) coordinated permitting; and (5) in the BTO-rs structure, a demand risk sharing mechanism that compensates the concessionaire when revenues fall below 75% of the base case projection. The combination of these tools makes most strategically important Korean infrastructure projects financeable on a project-finance basis.
Q4. What legal protections do foreign PPP investors have against regulatory or policy changes by the Korean government?
Korean PPP concession agreements include "change in law" provisions that may entitle the concessionaire to compensation for adverse regulatory changes affecting project economics. Additionally, Korea's network of BITs and FTAs (including KORUS FTA and Korea-EU FTA) provides ISDS (investor-state dispute settlement) protections that allow foreign investors to bring arbitration claims against Korea at ICSID, UNCITRAL, or KCAB International if the Korean government's regulatory actions amount to indirect expropriation or breach of fair and equitable treatment obligations. The Korean government has been named as respondent in several investment arbitration proceedings, and investors in PPP projects should conduct careful BIT/FTA due diligence at entry.
Q5. Can foreign infrastructure debt funds lend to Korean PPP projects?
Yes. Foreign infrastructure debt funds may lend to Korean PPP SPCs under standard project finance structures. Foreign lenders benefit from the same security package (concession assignment, share pledge, project accounts) as Korean lenders. Cross-border loan repayments are subject to Korean withholding tax on interest (14% standard rate, reducible to 0–10% under applicable tax treaties — most OECD country treaties reduce this rate significantly). Foreign lenders should conduct tax treaty analysis prior to structuring the debt tranche.
Q6. What happens if a Korean PPP project is terminated early due to a government decision?
Under the PPI Act and standard concession agreement terms, government-initiated termination entitles the concessionaire to compensation calculated as: construction cost minus accumulated depreciation (for BTO), or outstanding debt service obligations plus a specified equity return (for BTL). The exact formula is specified in the individual concession agreement and should be carefully negotiated at financial close. In practice, disputes over the termination compensation amount are common and often resolved through concession agreement arbitration provisions or through administrative appeals.
Q7. Is Korea's PPP framework compatible with international ESG investment standards?
Increasingly so. Korea has been updating its PPP framework to align with international ESG and green finance standards. MOSF's PPP Basic Plan (민간투자 기본계획, updated in 2023) introduced green PPP criteria, and PIMAC now evaluates unsolicited proposals against environmental and social impact standards aligned with the IFC Performance Standards. For foreign institutional investors operating under ESG mandates (EU SFDR, UK SDR), Korean PPP projects in renewable energy, green transport, and social infrastructure can generally meet Article 8/9 or equivalent classification standards, subject to project-specific due diligence.
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📋 韩国法律洞察 | 外国投资与商业法
作者：律师 NOH UJIN | HANBYOL LAW LLC，首尔
韩国公私合营（PPP）基础设施投资：外国投资者法律完全指南
韩国自1994年颁布《民间投资法（민간투자법）》以来，已建立起亚洲最成熟的PPP法律体系。截至2025年，韩国PPP累计投资超过80万亿韩元（约600亿美元），项目涵盖高速公路、铁路、港口、机场、学校、军事设施、水处理厂及公立医院等各类基础设施。本指南为外国投资者、机构基金及工程建设企业提供全面的韩国PPP法律实务概述。
1. 法律框架与核心机构
- 《民间投资法》（민간투자법）：PPP的基础性法律，规定项目类型、特许经营结构、风险分配框架及政府支持机制。
- 《外国人投资促进法》（외국인투자촉진법，FIPA）：为外国投资者提供法律保护、税收激励及参与韩国PPP项目的通知要求。
- PIMAC（民间投资事业支援中心）：隶属韩国开发研究院（KDI），负责可行性研究、项目结构建议及PPP项目监督。
2. PPP项目类型
| 类型 | 全称 | 收入来源 | 风险主体 | 典型领域 |
|---|
| BTO | 建设-转让-运营 | 用户收费 | 私营（需求风险） | 收费公路、铁路、港口、机场 |
| BTL | 建设-转让-租赁 | 政府可用性付款 | 政府（需求风险） | 学校、军事设施、公共住房、水处理厂 |
| BTO-rs | 风险分担型BTO | 用户费用+必要时政府补贴 | 共担 | 城市交通、隧道 |
| BTO-a | 收益调整型BTO | 用户费用+政府补足/回拨 | 共担 | 高速公路、城市基础设施 |
3. 项目招募：政府招标与民间提案
- 政府公告项目（정부고시사업）：政府识别项目需求后公开招标，PIMAC或相关部委进行前期可行性研究，通过竞争性招标授予项目。
- 民间提案项目（민간제안사업）：私营主体自主开发项目概念并向政府提交提案，若符合评估标准，政府可启动竞争性招标，原始提案者可在评分中获得加分优势（通常3-10分）。
4. 政府支持机制
- 可行性差距补贴（VGF / 건설보조금）：最高可达建设成本30%的前期资本补贴。
- KHGF信用担保：为项目债务提供担保，显著降低融资成本。
- 政府土地支持：对符合条件的项目，政府免费或以低于市场价格提供土地，并协调环评审批和施工许可的加速处理。
5. 项目融资结构
- 特殊目的公司（SPC）：外国投资者通常以股权方式参与韩国SPC，与韩国建设企业和金融投资者组成联合体。
- 债权/股权比率：通常为70-80%债务/20-30%股权，KHGF担保债务可达85% LTV。
- 高级贷款方：KDB政策性银行、商业银行及越来越多的基础设施债务基金（包括外国IDF管理方）。
6. 外国投资者保护
韩国通过BIT（双边投资协定，已与90多个国家签署）和FTA（包括韩美FTA、韩欧FTA）为外国PPP投资者提供ISDS（投资者-国家争端解决）保护，防止韩国政府的征收行为或歧视性对待。
📌 官方参考资料
常见问题（FAQ）
Q1. 全外资主体能否担任韩国PPP特许经营人？
原则上可以。大多数商业基础设施领域（公路、铁路、港口、水务、社会设施）不禁止外资100%持股SPC。但实践中，招标评分标准通常对有韩国建设企业参与的投标方给予加分，因此多数外国投资者选择与韩国建设企业和本地金融投资者组成合资SPC。SPC须在韩国注册为股份有限公司。
Q2. 韩国PPP项目的典型特许经营期限是多久？
BTO公路/铁路项目通常为30-50年，BTL社会基础设施项目通常为20-30年租赁期。《民间投资法》规定最长50年，特殊情况下可延长。运营期满后，基础设施资产免费转移给政府。
Q3. 政府如何支持BTO项目的融资可行性？
主要手段包括：(1)VGF建设补贴（最高资本支出的30%）；(2)KHGF信用担保（降低融资成本）；(3)政府土地；(4)协调审批；(5)BTO-rs需求风险分担机制（收益低于基准预测75%时补偿特许经营人）。
Q4. 外国PPP投资者如何防范韩国政府的政策变化风险？
特许经营协议中包含"法律变更"条款，可就影响项目经济性的不利监管变化要求补偿。韩国BIT网络和主要FTA提供ISDS保护，外国投资者可就间接征收或违反公平公正待遇义务提起仲裁。
Q5. 外国基础设施债务基金能否向韩国PPP项目提供贷款？
可以。外国基础设施债务基金可向韩国PPP项目的SPC提供贷款，与韩国贷款方享有相同的担保包。跨境贷款利息偿还须缴纳韩国预提税（标准税率14%，可依税收协定降至0-10%）。贷方应在融资结构安排前进行税收协定分析。
Q6. 政府主导终止PPP项目时，投资者可获得什么补偿？
根据《民间投资法》和标准特许经营协议，政府终止BTO项目须支付建设成本扣除累计折旧后的补偿；BTL项目须支付未偿还债务和约定股权回报。具体计算公式在各项目特许经营协议中规定，须在财务结束时仔细谈判。
Q7. 韩国PPP框架是否符合国际ESG投资标准？
越来越符合。韩国2023年更新的《民间投资基本计划》引入了绿色PPP标准，PIMAC现对民间提案按IFC绩效标准评估环境和社会影响。对于在EU SFDR或UK SDR框架下运营的外国机构投资者，韩国可再生能源、绿色交通和社会基础设施PPP项目通常可满足第8/9条或同等分类标准。
📚 相关文章
📋 韓国法律インサイト | 外国投資・ビジネス法
著者：弁護士 NOH UJIN | HANBYOL LAW LLC、ソウル
韓国の官民連携（PPP）インフラ投資：外国投資家向け法律ガイド
韓国は1994年に「民間投資法（민간투자법）」を制定して以来、アジアで最も成熟したPPP法的エコシステムを構築してきました。2025年時点で韓国のPPP累積投資額は80兆ウォン（約600億ドル）を超え、高速道路、鉄道、港湾、空港、学校、軍事施設、水処理施設、公立病院など700件以上の運営中プロジェクトを有しています。本ガイドでは、外国投資家、機関投資家、建設企業向けに韓国PPPの法的枠組みを実務的に解説します。
1. 規制枠組みと主要機関
- 民間投資法（민간투자법）：PPP事業の種類、コンセッション構造、リスク配分、政府支援機制および投資家の権利を規定する基本法。
- 外国人投資促進法（FIPA）：外国投資家の保護、税制優遇および韓国PPP事業への参加に関する届出要件の法的根拠を提供。
- PIMAC（民間投資事業支援センター）：KDI（韓国開発研究院）傘下で、事前타당성调查、事業構造提言および進行中PPP事業のモニタリングを担当。
2. PPP事業類型
| 類型 | 正式名称 | 収益源 | リスク負担者 | 典型分野 |
|---|
| BTO | 建設-移転-運営 | 利用者料金 | 民間（需要リスク） | 有料道路、鉄道、港湾、空港 |
| BTL | 建設-移転-賃貸 | 政府アベイラビリティ支払い | 政府（需要リスク） | 学校、軍施設、公営住宅、水処理施設 |
| BTO-rs | リスク共有型BTO | 利用者料金+必要時政府補助 | 共担 | 都市交通、トンネル |
| BTO-a | 収益調整型BTO | 利用者料金+政府補填/回収 | 共担 | 高速道路、都市インフラ |
3. 政府支援機制
- 建設補助金（VGF）：建設費の最大30%までの事前資本補助金。
- KHGFクレジット保証：プロジェクト債務への信用保証により借入コストを大幅低減。
- 政府土地提供：対象プロジェクトへの土地無償または割安提供、環境影響評価・建設許可の迅速処理調整。
4. 外国投資の法的保護
韓国は90カ国以上とBIT（二国間投資協定）を締結しており、KORUS FTA・韓EU FTAを含む主要FTAを通じて、外国PPP投資家にISDSによる仲裁申立権を保障しています。これにより、韓国政府機関による間接収用や公正・公平待遇義務違反が生じた場合、ICSID・UNCITRAL・KCAB国際仲裁を通じた救済が可能です。
📌 公式参考リンク
よくある質問（FAQ）
Q1. 100%外資企業が韓国PPPのコンセッション保有者になれますか？
原則として可能です。道路、鉄道、港湾、水道、社会インフラなど大半の商業インフラ分野では、外資100%保有のSPCによるPPPコンセッション保有に法的制限はありません。ただし実務上、入札評価基準で韓国建設会社の参加に加点されることが多く、多くの外国投資家は韓国建設会社と金融投資家との合弁SPCを設立します。SPCは韓国法人（株式会社）として登記する必要があります。
Q2. 韓国PPP事業の典型的なコンセッション期間は？
大型BTO道路・鉄道は30〜50年が標準、BTL社会インフラは20〜30年のリース期間が典型的です。民間投資法は最長50年を規定し、特定状況下での延長も可能です。運営期間終了後、インフラ資産は無償で政府に移転されます。
Q3. 政府はBTO事業のファイナンス可能性をどのように支援しますか？
主な支援手段は：(1)VGF建設補助金（資本的支出の最大30%）；(2)KHGFクレジット保証（借入コスト低減）；(3)政府土地；(4)許認可調整；(5)BTO-rsにおける需要リスク共有機制（収益が基準予測の75%を下回る場合に運営者を補償）の組み合わせです。
Q4. 韓国政府の規制・政策変更リスクに対する外国PPP投資家の法的保護は？
コンセッション協定には「法令変更」条項があり、プロジェクト経済性に悪影響を与える規制変更に対する補償を請求できます。また韓国のBIT・FTAネットワークを通じたISDSにより、間接収用や公正・公平待遇義務違反に対する国際仲裁申立が可能です。
Q5. 外国インフラ債務ファンドは韓国PPP事業に融資できますか？
はい。外国インフラ債務ファンドは韓国PPP SPCに対し、通常のプロジェクトファイナンス構造で融資が可能です。越境融資の利息返済には韓国源泉税（標準14%）が課されますが、税条約適用により0〜10%に軽減されることが多いです。融資構造設定前に税条約分析が不可欠です。
Q6. 政府主導でPPP事業が途中終了した場合の補償は？
民間投資法と標準コンセッション協定に基づき、政府主導のBTO終了では建設費から累積減価償却分を控除した補償が行われます。BTLでは未返済債務と規定株主リターンが補償されます。具体的な計算式は各プロジェクトのコンセッション協定に規定されており、ファイナンシャルクローズ時の慎重な交渉が不可欠です。
Q7. 韓国のPPP枠組みは国際ESG投資基準に対応していますか？
対応が進んでいます。2023年に更新された韓国のPPP基本計画ではグリーンPPP基準が導入され、PIIMACは民間提案をIFCパフォーマンス基準に準拠した環境・社会影響基準で評価しています。EU SFDR・UK SDRに基づくESG投資家にとって、韓国の再生可能エネルギー・グリーン交通・社会インフラPPP事業はArticle 8/9等の分類基準を概ね満たすことができます。
📚 関連記事
📋 Perspectiva Legal Coreana | Inversión Extranjera y Derecho Empresarial
Por el Abogado NOH UJIN | HANBYOL LAW LLC, Seúl
Asociaciones Público-Privadas (APP) e Inversión en Infraestructura en Corea: Guía Legal para Inversores Extranjeros
Corea del Sur ha desarrollado desde 1994, con la promulgación de la Ley de Participación Privada en Infraestructura (민간투자법), uno de los ecosistemas de APP más maduros de Asia. A 2025, la inversión acumulada en APP supera los 80 billones de KRW (aproximadamente 60.000 millones de dólares), con más de 700 proyectos operativos en autopistas, ferrocarriles, puertos, aeropuertos, escuelas, instalaciones militares, plantas de tratamiento de agua y hospitales públicos.
1. Marco Legal e Institucional
- Ley de Participación Privada en Infraestructura: Ley base que establece los tipos de proyectos, estructuras de concesión, marco de distribución de riesgos y mecanismos de apoyo gubernamental.
- Ley de Promoción de Inversión Extranjera (FIPA): Proporciona base legal para protecciones, incentivos fiscales y requisitos de notificación para participación extranjera.
- PIMAC: Realiza estudios de viabilidad, asesora sobre estructuración de proyectos y monitorea APP en curso.
2. Tipos de APP
| Tipo | Nombre Completo | Fuente de Ingresos | Portador del Riesgo |
|---|
| BTO | Construir-Transferir-Operar | Tarifas de usuario | Privado (riesgo de demanda) |
| BTL | Construir-Transferir-Arrendar | Pagos de disponibilidad gubernamental | Gobierno (riesgo de demanda) |
| BTO-rs | BTO con Riesgo Compartido | Tarifas + subsidio cuando necesario | Compartido |
| BTO-a | BTO con Ingresos Ajustados | Tarifas + complemento/recuperación gubernamental | Compartido |
3. Mecanismos de Apoyo Gubernamental
- Subvención de Viabilidad (VGF): Subsidio de capital anticipado de hasta el 30% del costo de construcción.
- Garantías de Crédito KHGF: Garantías sobre la deuda del proyecto que reducen significativamente el costo de financiamiento.
- Apoyo con Tierra y Permisos: Provisión de terrenos a costo reducido y tramitación acelerada de evaluaciones de impacto ambiental y permisos de construcción.
4. Participación Extranjera en APP Coreanas
La participación extranjera en APP coreanas está legalmente permitida y activamente incentivada bajo FIPA. Los inversores extranjeros que participen en SPC con capital superior a 100.000 dólares deben presentar notificación previa ante Invest KOREA. Las protecciones de BITs y FTAs (incluyendo KORUS FTA y Korea-EU FTA) proporcionan protección ISDS contra expropiación o trato discriminatorio por parte de autoridades públicas coreanas.
📌 Referencias Oficiales
Preguntas Frecuentes (FAQ)
P1. ¿Puede una empresa 100% extranjera ser titular de la concesión APP en Corea?
En principio, sí. Para la mayoría de sectores de infraestructura comercial no hay prohibición legal de que un SPC de propiedad 100% extranjera sea titular de concesión APP. Sin embargo, en la práctica los criterios de evaluación suelen otorgar puntos adicionales a licitantes con participación de empresas constructoras coreanas. El SPC debe estar constituido como persona jurídica coreana (주식회사).
P2. ¿Cuál es el período de concesión típico para APP coreanas?
Las concesiones BTO de carreteras/ferrocarriles suelen ser de 30-50 años. Las APP BTL de infraestructura social tienen períodos de arrendamiento de 20-30 años. La Ley de Participación Privada establece un máximo de 50 años, extensibles en circunstancias específicas.
P3. ¿Cómo apoya el gobierno la financiabilidad de los proyectos BTO?
Las principales herramientas son: (1) VGF — subvención anticipada de hasta el 30% del capex; (2) garantías de crédito KHGF; (3) provisión de terrenos gubernamentales; (4) tramitación coordinada de permisos; y (5) mecanismo de riesgo compartido BTO-rs que compensa al concesionario cuando los ingresos caen por debajo del 75% de la proyección base.
P4. ¿Qué protecciones tienen los inversores extranjeros ante cambios regulatorios?
Los contratos de concesión incluyen cláusulas de "cambio en la ley" que pueden dar derecho a compensación por cambios normativos adversos. La red de BITs y FTAs de Corea proporciona protección ISDS que permite iniciar arbitrajes internacionales contra el gobierno coreano por expropiación indirecta o violación del trato justo y equitativo.
P5. ¿Pueden los fondos de deuda de infraestructura extranjeros prestar a APP coreanas?
Sí. Los fondos de deuda de infraestructura extranjeros pueden prestar a SPC de APP coreanas. Los pagos de intereses transfronterizos están sujetos al impuesto de retención en la fuente coreano (14% tipo estándar, reducible a 0-10% mediante tratados fiscales). Es imprescindible el análisis del tratado fiscal antes de estructurar el tramo de deuda.
P6. ¿Qué ocurre si una APP coreana se termina anticipadamente por decisión gubernamental?
La terminación iniciada por el gobierno da derecho al concesionario BTO a una compensación equivalente al costo de construcción menos la depreciación acumulada. Para BTL, se compensan las obligaciones de servicio de deuda pendientes más un retorno patrimonial especificado. La fórmula exacta se negocia al cierre financiero.
P7. ¿Es el marco APP de Corea compatible con los estándares ESG internacionales?
Cada vez más. El Plan Básico de APP actualizado en 2023 introdujo criterios de APP verdes, y PIMAC evalúa las propuestas privadas conforme a los Estándares de Desempeño del IFC. Para fondos bajo EU SFDR o UK SDR, las APP coreanas en energía renovable, transporte verde e infraestructura social pueden generalmente cumplir los criterios de clasificación del Artículo 8/9 equivalente.
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