The Export-Import Financial institution of Korea (Korea Eximbank) introduced on Dec. 19 that it’ll present a complete of $241 million in financing for the Guam Yona solar energy technology venture secured by Korea Electrical Energy Company, Korea East-West Energy Co., and Samsung C&T Company.
This monetary help consists of a $150 million venture finance (PF) mortgage and a $91 million equity-backed mortgage (EBL) to help venture house owners, supplied as a custom-made bundle for Korean corporations’ abroad growth.
The venture entails the development and operation of a solar energy plant (132MW capability) and battery power storage system (BESS, 325MWh capability) within the Yona area of Guam, with an anticipated annual energy technology of 222GWh, which exceeds the mixed annual common energy consumption of 20 thousand Guam households (211GWh).
The full venture value exceeds $500 million, and roughly 200 thousand photo voltaic panels can be put in on a 2.5 million sq. meter venture website equal to 360 soccer fields.
Upon venture completion, the technology capability led by Korean corporations in Guam will develop from the prevailing 258MW to a complete of 390MW, exceeding half (55%) of Guam’s complete technology capability (708MW), with Korean corporations anticipated to develop into key gamers in Guam’s energy market by means of the Export-Import Financial institution’s monetary help.
The Guam Energy Authority (GPA), the venture proprietor, commissioned this venture as a part of its renewable power growth program and plans to buy all electrical energy produced from this venture for 25 years.
The Export-Import Financial institution considerably contributed to securing the contract by enhancing Korean corporations’ financing competitiveness by means of measures equivalent to issuing letters of curiosity from the early bidding stage.
This venture is especially important as Korean corporations lead all facets of the enterprise, together with 100% possession, engineering, procurement, and development (EPC, Samsung C&T), and operation and upkeep (O&M), and is noteworthy for establishing an essential basis for securing subsequent venture orders in Guam.
An Export-Import Financial institution official emphasised, “This venture had a really excessive want for the Export-Import Financial institution’s monetary help as Korean corporations can lead all the venture course of and maximize nationwide wealth creation,” including, “We’ll proceed to actively help Korean corporations’ orders for eco-friendly power initiatives equivalent to solar energy and offshore wind energy to contribute to attaining world carbon neutrality and responding to the local weather disaster.”
