The Export-Import Bank of Korea (Eximbank) announced on Thursday its commitment to provide project finance of USD 170 million (EUR 158 million) to Korea Western Power Corp (KOWEPO) for the 500-MW Manah I solar project in northern Oman. The contract signing transpired on Wednesday at the COP28 climate summit in Dubai.
EDF Renewables and KOWEPO secured the contract to construct Manah I from Oman Power and Water Procurement Company (OPWP) in March. Groundbreaking for the project occurred in September, with plans to integrate it into the grid by March 2025.
Eximbank disclosed that the total project cost is estimated at approximately USD 420 million, with the financial institution intending to support more than half of the financing requirement, amounting to USD 320 million.
Oman aims to enhance the proportion of renewables in its power generation to 20% by 2030, aligning with global efforts to transition towards cleaner energy sources.
