French renewable company–EDF Renewables and Korea Western Power Corporation (KOWEPO) have reached a financial close on a 500MW solar PV plant in Oman.
The Manah 1 project in the Al Dakhiliyah Governorate in Oman is under a 20-year power purchase agreement (PPA) with the Oman Power and Water Procurement Company (PWP). The project is expected to begin in the first quarter of 2025.
As per the firm, over one million bifacial PV modules will be deployed at the site on single-axis trackers. The investors include French, Korean and Omani lenders the Export-Import Bank of Korea, European bank Société Générale and Oman Bank Muscat through equity and loan schemes. The consortium did not disclose the sum of the financing.
Olivier Bordes, CEO of Middle East at EDF Renewables, said: “This first for the consortium large-scale renewable installation in the country is perfectly in line with the EDF Group commitment to triple the renewable energy net capacity in operation worldwide, between 2023 and 2030.”
In November last year, EDF Renewables signed a PPA with the Saudi Power Procurement Company for the massive 1.1GW Al Henakiyah Solar Plant. The project – located in Saudi Arabia – is the product of a consortium between EDF and the UAE state-owned renewables developer Masdar. The company was announced in July as one of the final four companies in consideration to contract the proposed 1.5GW Al Ajban project from the Emirates Water and Electricity Company (EWEC).
Earlier, Oman and Singapore planned to collaborate to encourage private sector investments across various industries, with a particular focus on clean energy and green hydrogen sectors.
Salim bin Nasser al Aufi, the Minister of Energy and Minerals, recently disclosed that after the visit of Sultan Haitham bin Tarik’s state visit to the Republic of Singapore, both the nations have plans to work together for Singapore’s demand for clean energy and Oman’s ambitious plans to produce green hydrogen for global carbon emissions reduction.
