Oman: Manah-1 solar project secures $301mln in funding

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MUSCAT: A trio of international financial institutions has come together to provide $301.8 million in project finance towards the construction of a 500 MW capacity solar PV project currently in the initial stages of development at Manah in Oman’s Al Dakhiliyah Governorate.

The project, dubbed ‘Manah-1 Solar IPP’, is being implemented by Wadi Noor Solar Power Company set up as a partnership of leading French developer EDF Renewables and Korea Western Power Co Ltd (KOWEPO), a wholly-owned power generation subsidiary of the state-run Korea Electric Power Corp (KEPCO).

KOWEPO announced on Thursday that the partnership has signed a deal for $301.8 million in project finance from three institutions: Société Générale, the Korea Eximbank, and Bank Muscat of the Sultanate of Oman.

In September, Wadi Noor Solar Power broke ground on the Manah 1 Solar IPP in the presence of high-level officials representing its two consortium partners, the local regulatory - the Authority for Public Services Regulation (APSR), and the national power offtaker Nama Power and Procurement Company. Engineering consultant Worley was named the Owner’s engineer for the project.

Around 1 million bifacial PV modules on a single axis tracker system will be installed on a 7.8 sq km site at Manah as part of the project. At full capacity, Manah 1 will provide clean energy to power an estimated 50,000 homes, while offsetting over 780,000 tonnes of CO2 per year.

Also under implementation alongside this vast solar farm is Manah 2 Solar IPP, which like Manah 1, is sized at 500 MW at full capacity. Manah 2 is being developed by Sembcorp Jinko Shine Co SAOC, a project company set up by Singapore headquartered energy and urban solutions company Sembcorp Industries) and Jinko Power Technology (well-known China-based clean energy supplier and service provider).

Both Manah 1 and Manah 2 will come online in 2025.