K-Sure to Lend LG Consortium US$711 Mln for EV Battery Project

By Editorial Team 07/09/2022
Summary

The Korea Trade Insurance Corporation (K-Sure) will provide a US$711 million loan facility for the development of an electric vehicle (EV) battery manufacturing plant in Indonesia. Gtreview.com reported that the company would cover 95 percent of the total financing for commercial and political risks to support the overseas business of two Korean companies, Hyundai and LG. ANZ will act as export credit agency (ECA) coordinator, bookrunner, mandated lead arranger (MLA), and agent on the ten-year agreement, while DBS, HSBC, JP Morgan, and Santander will also pose as MLAs.

ANZ global head of project and export finance Aaron Ross revealed the deal was K-Sure's first in the EV battery industry. "We are seeing significant growth in the EV battery sector as automotive companies look to support the global transition to net zero. There is particular interest in Indonesia as a hub, given it is home to the world's largest nickel reserve," Ross said.

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