South Korean Eximbank to Finance USD150 Million for UAE Solar Power Project
The firm revealed that the project is located in the expansive Ajban desert, 70 kilometers east of Abu Dhabi, spanning over 20 square kilometers and will feature approximately 2.93 million solar modules.
July 09, 2024. By News Bureau
The firm revealed that the project is located in the expansive Ajban desert, 70 kilometers east of Abu Dhabi, spanning over 20 square kilometers and will feature approximately 2.93 million solar modules. Upon its completion in 2026, it is set to generate 1,500 megawatts of electricity, positioning it among the world's largest solar facilities.
The present financing represents 16.67 percent of the project's estimated USD 900 million total cost, will be repaid from future project revenues.” The electricity generated, expected to reach 4,500 gigawatt-hours annually, will be purchased by the UAE's Emirates Water and Electricity Company under a 30-year agreement, underscoring the country's commitment to sustainable energy practices.” said the firm in its note.
"This project demonstrates our commitment to supporting Korean companies in the competitive Middle Eastern market and advancing global sustainability goals," a Korea Eximbank official stated in its note.
This initiative follows Korea Eximbank's earlier support for South Korean involvement in Oman's Manah 1 solar power project, establishing its role in promoting renewable energy solutions across the Middle East.
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