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South Korea and Denmark Conclud Reinsurance Agreement for Wind Power Projects
Helping South Korean Firms Find Export Opportunities
South Korea and Denmark Conclud Reinsurance Agreement for Wind Power Projects
  • By Michael Herh
  • May 22, 2019, 09:52
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Korea Trade Insurance Corp. President Lee In-ho (second from the left) and Eksport Kredit Fonden (EKF) President Kristine Damkjaer (second from the right) pose for a photo after signing a reinsurance agreement at Shilla Hotel in Seoul on May 21.

The Korea Trade Insurance Corp. signed a reinsurance agreement with Eksport Kredit Fonden (EKF), the export credit agency of Denmark, in Seoul on May 21.

Established in 1996, EKF has provided more than 60 percent of its export credit support for wind power generation projects.

According to the agreement, one of the corporation and EKF provides comprehensive support for an entire project by trade insurance and the other shares risks by taking over a part of the insurance in proportion to the exports from its side. The agreement is highly significant in that South Korean companies can export their components to Danish wind power equipment manufacturers leading the global wind power generation market. In addition, the agreement allows additional support for projects by reducing the risks of large-scale and high-risk projects.

“We will do our utmost so that South Korean companies can find more export opportunities in promising sectors of the renewable energy industry such as offshore wind power generation,” said Lee In-ho, president of the Korea Trade Insurance Corporation.