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KOWEPO secures US$302m in financing for a 500 MW solar power plant in Oman

Korea Western Power (KOWEPO), a subsidiary of the South Korean state-owned Korea Electric Power Corporation (KEPCO), has secured US$302m in funding for the construction of its 500 MW Manah-1 solar PV power project, located in the Al Dakhiliyah Governorate of central Oman. The funding came from three institutions, namely France’s Société Générale, the Korea Eximbank, and the Bank Muscat of the Sultanate of Oman.

The Manah-1 Solar Independent Power Project is being implemented by Wadi Noor Solar Power Company, set up as a partnership between France’s EDF Renewables and KOWEPO. Construction of the project started in September 2023. Once completed, Manah 1 will comprise about 1 million bifacial PV modules and will be able to provide clean energy to around 50,000 households, while offsetting over 780 ktCO2/year.

Sembcorp Jinko Shine, a joint venture of Sembcorp Industries and Jinko Power, is developing the Manah-2 solar project in Oman, which also has a capacity of 500 MW. Both Manah-1 and Manah-2 are scheduled to be commissioned in 2025.

As of 2021, solar represented about 2% of Oman’s installed capacity with only about 138 MW and less than 1% of its power generation with 261 GWh.

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