Export-Import Bank of Korea to Support Guam Solar Power Project, Equivalent to 360 Soccer Fields

The Export-Import Bank of Korea (Chairman & CEO Hwang Ki-yeon, hereinafter referred to as 'EximBank') announced on the 19th that it will provide a total of $241 million in financing for the Guam Yona solar power project, which was awarded to Korea Electric Power Corporation, Korea East-West Power, and Samsung C&T.

This financing support consists of a $150 million project finance (PF) loan and a $91 million equity-linked loan (EBL) to support the project owners, provided as a customized package for Korean companies' overseas expansion.

This project involves the construction and operation of a solar power plant (132MW capacity) and a battery energy storage system (BESS, 325MWh capacity) in the Yona region of Guam. The estimated annual power generation is 222 GWh, which exceeds the average annual electricity consumption of 20,000 households in Guam (211 GWh).

The total project cost exceeds $500 million, and approximately 200,000 solar panels will be installed on a 2.5 million square meter site, equivalent to 360 soccer fields.

Upon completion of the project, the total power generation capacity led by Korean companies in Guam will expand to 390MW, adding to the existing 258MW, surpassing half of Guam's total power generation capacity (708MW) at 55%. Through EximBank's financial support, Korean companies are expected to grow into key players in Guam's electricity market.

The Guam Power Authority (GPA), the client, commissioned this project as part of its renewable energy expansion program and plans to purchase all electricity produced from this project for 25 years.

From the initial bidding stage, EximBank significantly contributed to securing the contract by issuing letters of interest and other means to enhance the financial procurement competitiveness of Korean companies.

This project is highly significant as Korean companies will lead all aspects of the project, including 100% ownership by the project owners, design, procurement, construction (EPC) by Samsung C&T, and operation and maintenance (O&M), and it also lays an important foundation for securing future follow-up projects in Guam.

An official from EximBank stated, "This project required significant financial support from EximBank as Korean companies can maximize national wealth creation by leading the entire process," and emphasized, "We will continue to actively support our companies in securing eco-friendly energy projects such as solar and offshore wind, thereby contributing to the global achievement of carbon neutrality and responding to the climate crisis."