Korea Western Power is in command of a 1.5 gigawatt (GW) solar energy project in Abu Dhabi, United Arab Emirates (UAE). This project is a large-scale investment of $900 million (roughly KRW 1.2 trillion), and is taken into account one in all the biggest solar energy projects through which a domestic company has participated.
Western Power announced on the nineteenth that it attended the signing ceremony for the Azban solar energy project financed in Abu Dhabi. The signing ceremony was held on the venue of the ‘2024 World Utility Congress’, a world power forum hosted by the Abu Dhabi National Energy Company (TAQA).
The Azban project, scheduled for completion in 2026, will install roughly 3 million bifacial solar panels to power roughly 160,000 households within the UAE. It also goals to cut back carbon dioxide emissions by 2.4 million tons annually, contributing to the transition to sustainable energy.
Korea Western Power and EDF Renewables each own 20% of the stake, while local partner Masdar owns the remaining 60%.
It’s explained that the financial support of the Export-Import Bank of Korea, amounting to 150 million dollars (roughly 200 billion won), also greatly contributed to undertaking this project.
Park Hyung-duk, CEO of Korea Western Power, said, “This financial closing reflects our commitment to advancing global renewable energy solutions, and thru our collaboration with EDF R and Masdar, we’ll provide sustainable energy that can reduce carbon emissions and support the UAE’s vision for a green future.”
Reporter Jaeseung Lee energy@aiitmes.com
