Tiếng ViệtThe Export-Import Bank of Korea (Eximbank) is providing $150 million in project financing for the Ajban solar power generation project in the United Arab Emirates (UAE), the bank announced Monday. Korea Western Power (KOWEPO) is in charge of the project.
While KOWEPO was bidding for the project, Eximbank actively expressed its intention to provide financial support from the beginning of the procedure, including issuing a letter of interest. Such efforts helped the Korean government-owned company beat a globally competitive consortium and win the order. This is the largest single solar power project ever secured by a Korean company, both in terms of facility capacity and project cost.
KOWEPO formed a consortium with EDF-R, a renewable energy subsidiary of French government-owned electric utility company EDF, to win an order for the UAE solar power generation project for the first time in Korea.
Totaling more than $900 million, the Ajban solar power generation project aims to build and operate a solar power plant with an installed capacity of 1,500 megawatts (MW), larger than a nuclear power plant (1,400 MW).
The project site covers an area of 20 square kilometers, which is the size of 2,850 football fields, in the Ajban desert region, located approximately 70 kilometers east of the UAE capital, Abu Dhabi. Approximately 2.93 million solar modules will be installed for the solar power plant. It is expected to become the world’s seventh-largest solar power plant when completed in 2026.
The annual average power that will be generated is expected to be approximately 4,500 gigawatt-hours (GWh), which is equivalent to the annual household electricity consumption of Incheon Metropolitan City. The Emirates Water and Electricity Company, which ordered the project, will purchase all of the generated electricity for 30 years.
“Middle Eastern countries such as the UAE and Saudi Arabia are pursuing large-scale solar power generation projects each year in accordance with carbon neutral policies to cope with climate change,” an Eximbank official said.
“We will contribute to the global eco-friendly energy transition by actively supporting Korean companies to win follow-up projects in the Middle East solar power generation market, where global energy companies are competing fiercely.”
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