Export-Import Bank of Korea Provides $170 Million for Oman Solar Power Project Won by Korea Western Power

Image Source: KED Global

The Export-Import Bank of Korea (Eximbank) announced on Dec. 7 that it will provide a total of US$170 million in project financing (PF) for the Manah1 solar power project in Oman, which was secured by Korea Western Power (KOWEPO).

The Manah1 solar power project, led by Oman’s state-owned Electricity and Desalination Company, OPWP, aims to increase the share of renewable energy generation. It involves constructing a large-scale 500 MW solar power plant on a site 2.6 times the size of the Yeouido area of Seoul.

Korea Western Power, in partnership with France’s EDF-R, jointly won the bid for this project in March. The total project cost is approximately US$420 million, with Eximbank planning to support more than half of the financing requirement of US$320 million.

Eximbank has actively supported this venture from the initial bidding phase, issuing letters of intent for loans twice to assist Korean companies in securing their first solar power project in the Middle East.

Source: Business Korea