Eximbank backs Guam solar project with $241 mil. in financing

The Export-Import Bank of Korea (Eximbank) said Friday that it will provide $241 million in financing for a large-scale solar power project in Guam led by Korean companies, in a bid to expand the nation’s renewable energy investments abroad. The financing will support the Yona solar power project, awarded to a consortium of Korea Electric Power Corp., Korea East-West Power and Samsung C&T, the bank said. The package consists of $150 million in project finance loans and $91 million in equity bridge loans, tailored to support Korean companies’ overseas expansion. The project involves the construction and operation of a 132-megawatt solar power plant and a battery energy storage system with a capacity of 325 megawatt-hours in the Yona area of Guam. Around 200,000 solar panels will be installed across a 2.5 million-square-meter site, roughly equivalent to 360 soccer fields. Once completed, the project will increase the total power generation capacity in Guam by South Korean firms to 390 megawatts, accounting for about 55 percent of the island’s total generation capacity of 708 megawat