The consortium led by EDF Renewables and Korea Western Power Corporation (KOWEPO) has achieved financial close on the Manah 1, a 500-megawatt (MW) utility-scale photovoltaic (PV) solar power plant in Oman. Construction commenced in early May 2024.

Following a 20-year Power Purchase Agreement (PPA) signed with Oman Power and Water Procurement Company (NAMA) in December 2023, the consortium will design, finance, build, and operate the plant located in Al Dakhiliyah Governorate, 175 km south of Muscat. Commercial operation is targeted for the first quarter of 2025. Upon completion, the project will provide clean electricity to over 50,000 Omani households and offset an estimated 780,000 metric tonnes of CO2 emissions annually.

This marks the first Independent Power Project (IPP) for EDF Renewables and KOWEPO in Oman. It aligns with the consortium's strategy to support the region's net-zero goals and contribute to Oman's Clean Energy Goals. The project will contribute to diversifying the country's energy mix, aiming for 40% renewable generation by 2040.

Financial close was achieved through a strategic partnership between global financial institutions and French and Korean energy leaders, leveraging their combined expertise. Funding is secured through a combination of equity and loans from local and international institutions, including the Export-Import Bank of Korea, Societe Generale Bank of France, and Oman Bank Muscat.