500MW Solar Project Manah 1 in Oman Secures Financial Close by EDF Renewables and KOWEPO Consortium

The EDF Renewables and Korea Western Power Corporation (KOWEPO)-led consortium recently achieved financial close on the Manah 1, a substantial 500-megawatt (MW) solar power plant situated in Oman. This project marks their initial venture in the Sultanate and represents a significant stride towards supporting the region’s Net-Zero goals and contributing to Oman’s Clean Energy Objectives. The plant, set to commence commercial operations in early 2025, is strategically positioned in the Al Dakhiliyah Governorate, approximately 175 km South of Muscat.

Securing a 20-year Power Purchase Agreement (PPA) with Oman Power and Water Procurement Company (PWP) in March 2023 was pivotal. This agreement entrusts the consortium with the design, financing, construction, and operation of the solar plant, aligning with Oman’s ambition to diversify its energy mix and reach a renewable generation target of 35-39% by 2040.

The project’s financing was made feasible through collaborations with global financial institutions and the synergistic partnership between French and Korean energy leaders, harnessing their collective expertise. The financial agreements were officially inked during COP28 in the presence of key stakeholders, including representatives from EDF Renewables, KOWEPO, various financial institutions, and other esteemed guests.

Acknowledging the significance of this achievement, Olivier Bordes, CEO Middle East at EDF Renewables, expressed gratitude to the Sultanate of Oman authorities for their trust. He highlighted the consortium’s commitment to Oman’s Clean Energy Goals and emphasized the project’s alignment with EDF’s broader mission to significantly expand renewable energy capacity worldwide between 2023 and 2030.

Youn Ho Ko, CEO MENA at Korea Western Power, echoed this sentiment, emphasizing the successful closure of the Manah 1 solar PV project as a notable milestone for both the consortium and Oman. He commended the partnership with EDF Renewables and their invaluable experience, along with the unwavering support of financial institutions in facilitating this achievement.

Once operational, the Manah 1 project is expected to supply clean electricity to over 50,000 Omani households while annually offsetting more than 700,000 metric tons of CO2 emissions. The technology employed includes over 1,000,000 bifacial PVs and single-axis trackers, underscoring the project’s scale and advanced approach towards sustainable energy production.