Cheonan-Nonsan Expressway


One of Korea’s largest operating tolled highway projects

Asset overview

The Cheonan-Nonsan Expressway is an 81.0 km, dual two-lane toll expressway between Cheonan and Nonsan, connecting the northwestern and southwestern provinces of Korea as part of the national highway system. It has two major tunnels, 44 bridges and seven interchanges. Construction of Cheonan-Nonsan Expressway began in December 1997 and was completed and tolling operation commenced in December 2002.

Investment details

MKIF has invested in Cheonan-Nonsan Expressway Co., Ltd. (“CNEC”), the concessionaire of Cheonan Nonsan Expressway, in the form of equity and subordinated loan. As of the record date, MKIF is a 60.0% shareholder of CNEC, and MKIF’s total investment amount is KRW 270.0 billion, which is comprised of equity of KRW 87.8 billion and subordinated loan of KRW 182.2 billion.

Concession agreement

Concession agreement
Government authority: Ministry of Land, Infrastructure and Transport
Concession term: 30 years
Guarantee duration: 20 years
Concession term commencement: December 2002
Minimum Guarantee*: 82% of annual CA projected revenue
Revenue Cap*: 110% of annual CA projected revenue

* Partial revenue sharing in excess of 82% to 110% level


Length: 81.0 km
Capacity: Dual two-lane in both directions