Woori Bank Participates in Financing for 5 Trillion KRW Qatar Desalination Power Plant Project

Woori Bank has participated in the financial arrangement for the Qatar desalination and power plant project, with a total project cost of approximately 5 trillion KRW.

On the 26th, Woori Bank announced that it will expand its global business through financial support for the construction and operation of the Ras Abu Fontas desalination and power plant project in Qatar.

The Qatar Electricity and Water Authority selected a consortium consisting of Korea Infrastructure & Urban Development Corporation (KIND), Korea Southern Power, and Sumitomo Corporation as the preferred negotiator through an international competitive bidding process last October, and signed the project contract on the 25th.

This project is a large-scale project with a total cost of approximately 3.7 billion USD (about 5.2 trillion KRW), constructing a 2.4GW gas combined cycle power plant and a 500,000 tons/day desalination plant in the Ras Abu Fontas area of Doha, Qatar (about 18 km southeast of central Doha). The electricity and desalinated water produced from the constructed plant will be sold to the Qatar government-owned Electricity and Water Authority for the next 25 years.

In the Middle East region, the achievement of Korean company Samsung C&T performing construction design, procurement, and construction (EPC), and domestic financial institutions arranging financing, is evaluated as demonstrating the competitiveness of the public-private joint overseas project winning team, ‘One Team Korea.’ In particular, Woori Bank is leading the financial structure design and loan arrangement in close collaboration with KIND, a specialized institution for overseas infrastructure investment and development projects, and participates in the lending consortium as the only domestic private bank along with the Export-Import Bank of Korea and the Korea Development Bank.

Woori Bank will arrange financial support of 580 million USD (about 810 billion KRW), the largest ever by a domestic private commercial bank, utilizing its global financial network including branches in Hong Kong, Bahrain, and Dubai.

A Woori Bank official said, “By leveraging our global financial network and IB expertise, we will strengthen our role as a financial partner to help Korean companies gain competitiveness in overseas markets and achieve sustainable growth,” adding, “We will continue to provide customized financial solutions supporting the global leap of Korean companies and actively participate in ESG projects.”