Image: Oskar Kadaksoo, Unsplash
The Export-Import Bank of Korea (Eximbank) will provide $241 million in financing for a large-scale solar-plus-storage project in Guam.
The Yona solar project will consist of a 132 MW solar power plant and a 325 MWh battery energy storage system, which will be developed in the Yona area in the south of the island. About 200,000 solar panels will be placed on an area the size of approximately 360 football fields.
The project was awarded earlier this year to a consortium of Korean energy companies – Korea Electric Power Corp, Korea East-West Power and Samsung C&T. The group will be responsible for the construction as well as the operation and maintenance of the facility.
A 25-year power purchase agreement has been signed with the Guam Power Authority, the island’s electricity supplier and the project owner, covering all electricity produced. Annual production capacity is expected to reach 222 GWh, which is more than the combined annual average energy consumption of 20,000 Gaum households.
Eximbank’s financing package includes $150 million in project finance loans and $91 million in bridge loans. A statement from the bank states that it is committed to financing environmentally friendly energy projects abroad.
The Yona solar project is currently expected to be completed in 2028, at which point it will become the island’s largest solar energy asset.
Guam’s cumulative solar capacity currently stands at 105 MW, the same figure reported since 2022, according to figures from the International Renewable Energy Agency (IRENA).
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