EDF, KOWEPO reach financial close on 500-MW solar project in Oman
Image Source: World-Energy
A consortium led by EDF Renewables and Korea Western Power Corporation (KOWEPO) today announced financial close of the 500-MW Manah 1 solar project in Oman.
The consortium was awarded the contract to build Manah I in March 2023, and construction of the solar park commenced in September. It is scheduled to begin commercial operation in the first quarter of 2025.
The project will be funded via a combination of equity and loans secured from local and international financial institutions, including the Export-Import Bank of Korea, European bank Societe Generale and Oman Bank Muscat. The financing agreements were signed during COP28 and financial close was subsequently achieved on December 25, 2023.
This is the first project for EDF Renewables and KOWEPO in Oman.
“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,” said Olivier Bordes, chief executive Middle East at EDF Renewables.
The project will contribute to Oman’s target of 35-39% renewable energy in its power mix by 2040.
