EDF Renewables, in collaboration with Korea Western Power Corporation, achieves financial closure for the groundbreaking Manah 1 – a 500 MW solar project in Oman. The consortium, with a 20-year Power Purchase Agreement, positions the plant as a pivotal step in Oman's clean energy ambitions, targeting 35-39% renewable generation by 2040. The project, endorsed during COP28, secures global financial backing and signifies a significant leap towards a sustainable and diversified energy mix for the Sultanate.
In a momentous stride toward sustainable energy, EDF Renewables, alongside Korea Western Power Corporation (KOWEPO), has successfully achieved financial closure for the Manah 1 – a colossal 500 MW solar power plant nestled in the Al Dakhiliyah Governorate of Oman.
The consortium, after winning the bid in September 2022, solidified its commitment with a 20-year Power Purchase Agreement (PPA) signed on March 23, 2023, with the Oman Power and Water Procurement Company (PWP). This milestone marks the initiation of the design, financing, construction, and operation phase of the plant, strategically located 175 km South of Muscat. Anticipated to commence commercial operations in Q1 2025, Manah 1 exemplifies the consortium's dedication to advancing Oman's Net-Zero aspirations and bolstering the nation's Clean Energy Goals.
The financing of this pioneering project received robust support from global financial institutions, underlining the collaborative effort between French and Korean energy leaders. The critical financing agreements were officially inked during COP28, attended by key stakeholders, including Bruno Bensasson, EDF Group Senior Executive Vice President, Renewable Energies, and CEO of EDF Renewables.
Olivier Bordes, CEO Middle East, EDF Renewables, expressed gratitude to the Omani authorities for their trust in the consortium. He highlighted the significance of Manah 1 in contributing to Oman's target of generating 35-39% of its electricity from renewables by 2040. This venture aligns seamlessly with the EDF Group's commitment to tripling renewable energy net capacity globally between 2023 and 2030.
Youn Ho Ko, CEO MENA, Korea Western Power, celebrated the successful financial closure, emphasizing the historic nature of the achievement. He acknowledged the collaborative prowess with EDF Renewables and the unwavering support from Société Générale, KEXIM Bank, and Bank Muscat.
Once operational, Manah 1 is poised to power more than 50,000 Omani households, delivering clean electricity while offsetting a substantial 700,000 metric tons of CO2 annually. This key renewable energy initiative not only symbolizes technological excellence but also contributes significantly to Oman's sustainable and diversified energy landscape.
The financial closure of Manah 1 marks a significant triumph for EDF Renewables and KOWEPO, casting a radiant light on Oman's clean energy journey. With global support and a strategic PPA in place, the project stands as a beacon of Oman's commitment to a sustainable and diversified energy future. The partnership, forged during COP28, reflects the collaborative spirit driving the transition towards cleaner and more resilient energy solutions.