Whatever percentage of the senior debt is ECA covered will be...

Whatever percentage of the senior debt is ECA covered will be low rate,likely below 8%. However any senior not covered and all mezz will be well above.NPV8 could be achievable,with enough ECA cover,but as the amount of cover is proportional to the amount of input from that country,as the cover % increases so will CAPEX. NPV8 will also require VERY large dilution,or partial JV.IMO.
On another note,the trading pattern of TNG over the last 3 days has been very unusual. Volume/course of sales/spreads...I just can't decide whether it suggests basing or continuation.