The Eur 550 million ($631.8 million) first tranche has two components. The first is a seven-year, Eur 50 million ($57.4 million) commercial facility and the second is a 12-year, Eur 500 million ($574.4 million) export credits facility. The latter is split between Export-Import Bank of Korea (Kexim) and Germany’s Hermes. Hermes is understood to be providing the major part of the cover.
Kexim and Hermes’ involvement reflects the contracts won by Doosan Heavy Industries & Construction Companyand Siemensfor the supply and installation of 22 heat steam recovery generators and 22 gas turbines respectively (MEED 18:703; 11:7:03).