The Export-Import Bank of Korea, or Eximbank, unveiled on Thursday that it will provide USD 170 million (EUR 158m) in project finance to Korea Western Power Corp (KOWEPO) for the 500-MW Manah I solar project in northern Oman.

The signing of the contract took place on Wednesday at the COP28 climate summit in Dubai.

Oman Power and Water Procurement Company (OPWP) awarded the contract to build Manah I to EDF Renewables and KOWEPO in March. Then in September, the partners broke ground on the project, with plans to connect it to the grid by March 2025.

According to Eximbank, the total project cost is estimated at about USD 420 million and it intends to support the project with more than half of the financing requirement of USD 320 million.

Oman’s objective is to increase the share of renewables in power generation to 20% by 2030.

(USD 1.0 = EUR 0.927)