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Korea Midland Power Co., Ltd. (KOMIPO) announced on the 16th that it achieved financial close for the Oman Ibri 3 Solar PV and BESS Power Project in Abu Dhabi, United Arab Emirates (UAE), on the afternoon of the 15th local time, thereby entering the full-scale construction phase.
According to KOMIPO, financial close means that all financing agreements required for project execution have been signed and all conditions precedent have been fulfilled, enabling actual disbursement of funds. The project has a total cost of approximately 311 million dollars, or about 457.8 billion won, and the funds will be raised through non-recourse project financing.
In particular, French global financial institution Natixis and United Arab Emirates bank First Abu Dhabi Bank (FAB) are participating as lead arrangers.
The power plant will be built in the Ibri region, located about 310 kilometers west of Muscat, the capital of the Sultanate of Oman. It will combine a 500 MW solar power facility with a 100 MWh Battery Energy Storage System (BESS), and is being developed with the goal of commencing commercial operation in December this year.
At the signing ceremony, Lee Jong-guk, Head of Planning and Management Division at KOMIPO, stated, “The achievement of financial close for this project demonstrates that the project development and operation experience our company has accumulated in various regions around the world can be effectively applied in the Middle Eastern market as well.” He added, “We will successfully complete this project, which is a core initiative under the Oman Vision 2040 policy, and establish ourselves as a leading player in the Middle East’s transition to renewable energy.”
This article has been translated by GripLabs Mingo AI.
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