Korea Trade Insurance backs UK power plant building with W221b insurance

[THE INVESTOR] Korea Trade Insurance Corp. announced on Sept. 6 that it will provide 221 billion won (US$200 million) project financing for Samsung C&T’s biomass power station project in UK.

Samsung C&T has formed a consortium and won the turnkey contract to build the plant worth 958 billion won, and its stake is about one-fourth of the project.

The public insurer will offer mid- to long-term insurance for the construction of the 299-megawatt combined heat and power plant, said to be the largest of its kind in the world, so that “South Korean companies can expand into environment-friendly, renewable energy market.” 

By Hwang You-mee (glamazon@heraldcorp.com)