Seobu Power Signs 400 Billion KRW Financing Agreement for Oman Solar Power Project

Korea Western Power has signed a financial procurement contract for a large-scale solar power project in the Middle East, marking the first such contract won by a Korean company in the region.

On the 6th (local time), Western Power announced on the 7th that it signed the financial procurement contract for the 500MW Mana 1 solar power project in Oman with the Export-Import Bank of Korea, EDF Renewables, Soci?t? G?n?rale, Muscat Bank of Oman, and others in Dubai, United Arab Emirates.

The financial procurement amount is approximately 400 billion KRW. The Export-Import Bank of Korea, the French global bank Soci?t? G?n?rale, and Muscat Bank of Oman are participating as the main lenders.

A Western Power official stated, "The smooth financial procurement was due to Western Power's high credit rating (AA, according to S&P), the extensive bidding experience of our business partner EDF Renewables, and the active support from the Export-Import Bank of Korea and KOTRA. The Export-Import Bank actively expressed its willingness to provide financial support from the bidding stage for the first Middle East solar power project won by a Korean company, and KOTRA worked hard to provide local administrative support for negotiations with the client."

The Mana 1 solar power project is a 500MW capacity solar power plant to be constructed in Mana City, Dakiliya Governorate, located 170 km southwest of Muscat, the capital of Oman. It is a mega construction project with an area 2.6 times the size of Yeouido and an investment of about 510 billion KRW, scheduled for completion in March 2025.

Western Power will also be responsible for the operation and maintenance (O&M) of the solar power plant after completion. The electricity produced over the next 20 years will be guaranteed for purchase by the project client, Oman Power and Water Procurement Company (OPWP).

Park Hyung-deok, President of Western Power, said, "This project is a great achievement realized through a joint effort between Korea and France not only in development but also in financing. We will actively cooperate to create synergy in future projects as well."

Korea Western Power signed a financial agreement for the Oman Mana 1 500MW solar power project with the Export-Import Bank of Korea, EDF Renewables, Soci?t? G?n?rale, and Bank Muscat Oman in Dubai, United Arab Emirates, on the 6th (local time). After signing the contract, the officials took a commemorative photo.