EKF wind power financing- Case: Korea - Kromann Reumert

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PF Banks in EKF Offshore transactions SLIDE 16 Banks Q7/PAW BNP Rabobank Dexia BTMU HSH NIBC Belwind Raboban k Dexia ASN EIB Investment EUR 383 M EUR 614 M C-Power Rabobank KBC SG KFW-Ipex Commerzban k Dexia ASN Euler Hermes EIB Meerwind KFW BTMU Commerzban k Dexia KFW-Ipex Lloyds Santander Siemens Bank Northwind ASN Rabobank ING KFW-Ipex Fortis Belfius EIB ONDD GIEK/MTI PensionDanmar k EUR 1.300 M EUR 1.274 M EUR 852M Closed 2006 2009 2010 2011 2012 Exporter Vestas Vestas Repower/LM Siemens Vestas Size 120 MW 165 MW 295 MW 288 MW 216 MW EKF Senior Debt cover 25% 45% 5% 32% 33%
Consensus Rules General Project Financing Renewables Financing Renewables Financing > 12 years Term, base case =< 14 years =< 15 years =< 18 years Term, if ECA >50% and High Income OECD country Not allowed =< 15 years =< 18 years Weighted Average Life, base case =< 7.25 years Not applicable =< 9 (11) years Weighted Average Life, if ECA >50% and High Income OECD country Not allowed Not applicable =< 9 (11) years Payment period =< 6 months =< 6 months =< 12 months Grace period (until first repayment) Up to 24 months Equal Prin. Pmt. Up to 12 months First repayments > 2% Equal Prin. Pmt. > 2% Maximum repayment =< 25% Equal Prin. Pmt. =< 25% Interest Period 1, 3, 6, 12 months 1, 3, 6 months 1, 3, 6, 12 months • High Income OECD countries includes 25 countries in Europe, North America and Austral-asia • In the case of project financing in High Income OECD countries, the total ECA cover on the project financing may not exceed 50% of the loan syndication with private financial institutions, and ECA cover must be on a pari passu basis • All the indicated Term-periods are measured from the time of completion/commissioning. The latter depends on the supplier’s contract obligations 17
Page 1 and 2: EKF wind power financing- Case: Kor
Page 3 and 4: Who is EKF? The Danish Export Credi
Page 5 and 6: SLIDE 5 EKF’s wind world Project
Page 7: Case: Gangwon - Korea Project: Gan
Page 11 and 12: 11 EKF and Financing Risk Sharing w
Page 13 and 14: SLIDE 13 Export Loans/ELO Funding E
Page 15: ECA’s role -Funding and risk 100%

EKF wind power financing- Case: Korea - Kromann Reumert

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