Financial Close announced for 500 MW Solar PV project in Oman

The consortium comprising EDF Renewables and Korea Western Power Corporation (KOWEPO), announced that it has reached financial close on the 500 MW Manah 1 solar power plant located in the region of Ad Dakhiliyah, in northeastern Oman. 

The consortium and Oman Power and Water Procurement Company (PWP) inked a 20-year Power Purchase Agreement (PPA) on March 23, 2023. Under the terms of the PPA, the consortium will be responsible for the design, finance, build and operation of the plant.

The financing of the project was supported by global financial institutions and the strategic partnership formed by French and Korean energy leaders to leverage their combined expertise. The project will be financed by a combination of equity and loans from domestic and foreign financial institutions, including Oman Bank Muscat, Société Générale, the Export-Import Bank of Korea, and others.

The solar project will consist of Over 1,000,000 bifacial PVs and include single-axis trackers. Once completed it will generate enough energy to power over 50,000 Omani households, while offsetting over 700,000 metric tonnes of CO2 per year. The plant is expected to begin commercial operation in the first quarter of 2025.