Seoul: The state-run Export-Import Bank of Korea (Exim Bank) announced plans to provide $241 million in financial support for a solar power development project in Guam. This initiative aims to assist local companies in a joint venture to build a solar power plant on the Pacific island.

According to Yonhap News Agency, Exim Bank will establish a credit line to facilitate the construction and operation of a 132 megawatt solar power plant and a 325 megawatt-hour battery energy storage system. The project, valued at $500 million, was secured by a Korean consortium comprising Korea Electric Power Corp., Korea East-West Power Co., and Samsung C and T Corp., with completion expected by 2024.

Upon completion, the power generation capacity provided by Korean-led projects in Guam is anticipated to reach a combined 390 MW, representing more than half of the island's total power generation capability. A bank official emphasized the significance of this substantial financial support, highlighting the leadership role of Korean companies in the project and their contribution to national wealth. The official reaffirmed the bank's commitment to supporting Korean companies in renewable energy endeavors.