EDF Renewables closes financing on 500MW solar plant in Oman with Korean partner
Image Source: TaiyangNews
A consortium of EDF Renewables and Korea Western Power Corporation (KOWEPO) has reached financial close on a 500MW solar PV plant in Oman.
The Manah 1 project, located in the Al Dakhiliyah Governorate, is under a 20-year power purchase agreement (PPA) with Oman Power and Water Procurement Company (PWP). Operations are expected in the first quarter of 2025.
Over one million bifacial PV modules will be deployed at the site on single-axis trackers.
Financing was secured from French, Korean and Omani lenders the Export-Import Bank of Korea, European bank Société Générale and Oman Bank Muscat through equity and loan schemes. The consortium did not disclose the sum of the financing.
Olivier Bordes, CEO of Middle East at EDF Renewables, said: “This first for the consortium large-scale renewable installation in the country is perfectly in line with the EDF Group commitment to triple the renewable energy net capacity in operation worldwide, between 2023 and 2030.”
EDF Renewables is already active in the Middle East. In November, it signed a PPA with the Saudi Power Procurement Company for the massive 1.1GW Al Henakiyah Solar Plant. The project – located in Saudi Arabia – is the product of a consortium between EDF and the UAE state-owned renewables developer Masdar. The company was announced in July as one of the final four companies in consideration to contract the proposed 1.5GW Al Ajban project from the Emirates Water and Electricity Company (EWEC).
The company has also been active in the US, another of the leading world PV markets alongside the Middle East. Its US arm signed a joint venture with Canadian energy company Enbridge to develop the 577MW Fox Squirrel solar project in Ohio, and in late November it completed construction on the 275MW Arrow Canyon site in Nevada.
