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KfW IPEX-Bank is financing the expansion of a combined cycle power plant in South Korea
Frankfurt am Main (ots) -
- Hermes-covered loan of EUR 194 million provided in equal shares by KfW IPEX-Bank and NordLB - German exports: three highly efficient power islands from Siemens AG - Investment totalling approx. EUR 1 billion
KfW IPEX-Bank together with NordLB is providing South Korean company Posco Energy with a loan of EUR 194 million to expand a combined cycle power plant. Three new power islands will generate 1,260 MW of electrical energy in total at the existing Incheon site, thus replacing two islands with a collective capacity of 900 MW that have already been decommissioned. "Our financing enables us to support German advanced technology exports and therefore strengthen Germany as a production location. We are also helping to reduce the impact on the environment at the same time," explained Markus Scheer, member of the Management Board of KfW IPEX-Bank, when signing the contract in January 2014. The tried-and-tested gas and steam turbines and other system parts to be supplied by Siemens AG are state-of-the-art and therefore considerably boost the efficiency of the system as a whole. The new power islands which are already in the installation phase, are more than just energy-efficient; they are extremely flexible to operate too. Indeed, they need only 30 minutes to operate at full load.
Posco Energy's total investment costs amount to roughly EUR 1 billion, around EUR 800 million of which is being covered by the company's own funds and the issuance of local bonds. The joint KfW IPEX-Bank and NordLB loan of EUR 194 million is covered by an export credit guarantee of the Federal Republic of Germany and has a tenor of 14 years.
About KfW IPEX-Bank GmbH
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
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