Mubo Provides 220 Billion KRW Financial Support for Norwegian Highway Project

Aerial View of the Norwegian Rv.555 Highway Construction Project

[Asia Economy Sejong=Reporter Dongwoo Lee] The Korea Trade Insurance Corporation announced on the 24th that it has provided financial support worth approximately 220 billion KRW for the Norwegian Rv.555 highway construction project, in which SK Ecoplant Co., Ltd. is participating.

This project involves constructing a 10 km-long highway connecting Bergen, Norway's second-largest city, and the island region of Øygarden. It is the largest project in terms of budget among Norwegian government projects to date, with a total investment of about 2.2 trillion KRW.

SK Ecoplant Co., Ltd. is participating as the project owner in a consortium with Australia's Macquarie Holdings and Italy's Webuild, also responsible for construction. K-SURE is providing financial support equivalent to 10% of the total project cost.

This project marks K-SURE's first financial support case for a public-private partnership (PPP) project in Northern Europe. K-SURE stated, "Through this financial support, it is evaluated as a meaningful case that further expands the activity scope of our companies in the advanced country's social overhead capital (SOC) market."

With the successful financing and construction experience of this project, it is expected that opportunities for Korean companies to secure orders will expand in the Northern European market, including large-scale national infrastructure maintenance projects by the Norwegian government.

Given that this project generates cash flow in Norwegian currency, the ability to raise large-scale localized funds played an important role. K-SURE expressed its willingness to support localized financial structures from the early bidding stage, leading to the successful contract award.

Lee In-ho, President of the Korea Trade Insurance Corporation, said, "Through K-SURE's first financial support for a Northern European PPP project, the possibility of domestic companies participating in advanced countries' PPP projects has increased." He added, "In particular, through localized financing, we will continue to actively support our companies to flexibly respond to various demands from clients and enhance competitiveness in advanced country markets."

This content was produced with the assistance of AI translation services.