EDF Renewables and KOWEPO secure financing for 500 MW solar project

EDF Renewables and Korea Western Power Corporation (KOWEPO) have secured financing for the Manah 1 project, a 500 MW solar power plant in Oman. Winning the project in response to a tender in September 2022, the consortium inked a power purchase agreement (PPA) with Oman Power and Water Company on March 23, 2023. Located in Al Dakhiliyah, the plant aims to be operational in Q1 2025, contributing to Oman’s carbon neutrality goals and the 35-39% renewable energy target by 2040.

The financing, supported by international institutions, was formalized during COP 28 on December 25, 2023, with key representatives present at the ceremony. Funding sources include equity investments and loans from institutions like the Export-Import Bank of Korea, Société Générale, and Oman Bank Muscat.

Once completed, the facility will provide eco-friendly electricity to approximately 50,000 Omani households, preventing the release of about 700,000 tons of CO2 annually.

Speaking about the development, Olivier Bordes, Managing Director of EDF Renewables in the Middle East , said, “We would like to thank the authorities of the Sultanate of Oman, and in particular APSR, Nama Holding and PWP, for the confidence placed in the consortium to carry out this project. 500 MW Manah 1 solar power plant. Today, we close the financing of the project, highlighting the continued support of EDF Renewables and its partner KOWEPO for the Sultanate of Oman’s objective of achieving 35 to 39% renewable energy in its energy mix. here 2040. This project, the first for the consortium in the country, is in line with the EDF group’s support for the objective of tripling net installed renewable energy capacities in the world between 2023 and 2030.”

Youn Ho Ko, Middle East Managing Director of Korea Western Power , commented, “We are delighted to announce that we have closed the financing of the Manah 1 solar project, and that we are the first Korean company to win a project in Oman. This success is due to the strong partnership with EDF Renewables and its extensive experience, as well as the unwavering support of Société Générale, KEXIM Bank and Bank Muscat.”