Youngnam 476.1MW gas power plant

Overview:

• Youngnam 476.1MW gas power plant
• The project is a 476.1MW LNG combined cycle power plant on a site owned by Korean Southern Power (KOSPO).
• It aims to sell its produced electricity in the Korean wholesale electricity market through the Korea Power Exchange.
• The project financing is structured as senior and subordinated loans, and some lenders also participated in the project by way of equity investment.
• The project did not rely on the credit enhancement mechanism provided by sponsors, and it did not have EPC or O&M contractors; which meant that the financial investors and lenders were vulnerable to such risks.

Adam Majeed - Regional editor