KOWEPO Completes 500 MW Solar Plant in Oman

Korea Western Power Co. (KOWEPO) has successfully completed the construction of a 500 MW solar power plant in Oman, marking a significant milestone as the first large-scale solar project awarded to a South Korean company in the country.

The completion ceremony was attended by key figures including KOWEPO President Lee Jeong-bok, Omani Prince Bil'arab bin Haitham Al Said, Oman Power and Water Procurement Co. (OPWP) President Yaqub bin Saif Al Kiyumi, and representatives from EDF-Renewables.

Spanning an area approximately 2.6 times the size of Yeouido, the plant is located 170 kilometers southwest of Muscat. The project, which carries a total cost of approximately 600 billion won, is expected to play a crucial role in Oman's energy transition. KOWEPO will oversee the operation and maintenance (O&M) services for the plant, ensuring its smooth and long-term operation. OPWP has committed to purchasing the electricity generated by the plant for 20 years, providing the project with a stable and long-term revenue stream.

In recognition of its success, the 500 MW solar power project earned the prestigious Renewable Energy Project of the Year award for the Middle East and North Africa (MENA) region at the IJ Global Awards 2023, which took place in the United Arab Emirates in April 2023. This accolade underscores the project's international impact and the growing influence of South Korean companies in the renewable energy sector.

The Export-Import Bank of Korea (KEXIM) played a pivotal role in supporting KOWEPO’s contract through financial cooperation. This highlights the essential contribution of financial institutions in facilitating large-scale international projects, particularly in the renewable energy sector, where funding and support are crucial for success.

KOWEPO President Lee Jeong-bok expressed his pride in the project's completion, stating, "This project is a testament to South Korea's technological prowess and competitiveness." He emphasised the company's commitment to expanding its footprint in the Middle East, stating, "We will actively seek more opportunities in the Middle Eastern market," he added.

Oman, under its Vision 2040, is focused on diversifying its energy sources to reduce dependence on oil and gas, aligning with its broader objectives of achieving sustainable development and ensuring energy security. As part of its strategy, Oman has increasingly invested in renewable energy projects, including this solar power initiative, to build a more resilient and sustainable energy future.

The successful completion of this solar plant marks a major achievement not only for KOWEPO but also for Oman's renewable energy ambitions, reinforcing its position as a key player in the Middle East's energy transformation.