KOWEPO inks $302 mn financing deal for Oman solar project

Korea Western Power Co. (KOWEPO) said on Thursday it signed a 400 billion won ($301.8 million) financing deal for a solar power generation project in Oman with financial institutions including Société Générale S.A. and the Export-Import Bank of Korea (Korea Eximbank).

KOWEPO, a wholly owned power generation subsidiary of the state-run Korea Electric Power Corp. (KEPCO) and EDF Renewables, KOWEPO’s partner for the Oman project, inked the deal with Société Générale, the Korea Eximbank and Bank Muscat of the Middle East country on Wednesday.

The Korea Eximbank, the country’s official export credit agency, said it plans to provide $170 million in project financing.

KOWEPO and EDF Renewables, a wholly owned subsidiary of the French utility EDF Group, signed a final contract in May for a 500-megawatt solar power plant in the city of Manah.

The South Korean company is set to manage the plant after completing its construction. Oman Power and Water Procurement Company (OPWP), which ordered the project, committed to buy electricity generated from the plant for the next 20 years.

“The project is a splendid feat jointly achieved by South Korea and France not only in the development but also in the financing,” said KOWEPO President Park Hyung Duck in a statement. “We will actively cooperate to keep creating synergy in the future.”

Write to Han-Shin Park at phs@hankyung.com
 

Jongwoo Cheon edited this article.