The Export-Import Bank of Korea announced on July 8 that it will provide $150 million in project financing for a major solar power project in the United Arab Emirates. (Image courtesy of Yonhap)
SEOUL, Jul. 9 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) announced on July 8 that it will provide $150 million in project financing for a major solar power project in the United Arab Emirates (UAE), won by the Korea Western Power Co.
This ambitious venture, located in the UAE’s desert region, involves the construction and operation of a 1,500-megawatt solar power plant with a total project cost exceeding $900 million. The Ajban solar power project stands as the largest of its kind ever secured by a South Korean company, both in terms of capacity and investment.
Korea Western Power, in a consortium with EDF Renewables, a subsidiary of the French electric utility company EDF, successfully bid for this project, marking the first time a South Korean firm has won a solar power contract in the UAE. As a project sponsor, Korea Western Power will oversee all aspects of the project’s execution.
Korea Eximbank played a crucial role in supporting the bid from its early stages by issuing a letter of intent for credit. This financial backing significantly enhanced Korea Western Power’s competitiveness in securing the contract.
A representative from the bank stated, “We aim to actively support subsequent bids by Korean companies for solar power projects in the Middle East, contributing to the global transition towards environmentally friendly energy sources.”
Kevin Lee (kevinlee@koreabizwire.com)
