Mubo Provides 110 Billion KRW Financial Support for Spain Solar Power Project

Eco-friendly Power Generation Used by 70,000 Households Annually

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Korea Trade Insurance Corporation announced on the 7th that it will provide financing worth 81.6 million euros (approximately 110 billion KRW) for the Rosa solar power project in Spain, involving Hanwha Solutions and Korea Western Power.

The Rosa solar power plant, built in the Andalusia region of Spain, which has abundant sunlight, has a total generation capacity of 157 megawatts (MW), equivalent to the size of 500 soccer fields. It produces eco-friendly electricity sufficient for about 70,000 households annually.

This project is a Korean-style package project led by domestic companies throughout the entire process from discovery, permits, construction, operation, to electricity sales, with financing support from K-Sure. K-Sure provides 100% payment default risk guarantee to Banco Santander, a local Spanish bank, which in turn lends long-term, low-interest funds necessary for the project. Hanwha Solutions is responsible for equipment procurement and installation based on its experience in the solar power sector, and Korea Western Power will operate the power plant for 28 years starting from 2025.

A K-Sure official stated, "Spain is a mature eco-friendly market producing 43% of its total electricity consumption from renewable energy," adding, "Through this project experience, we expect the global Environmental, Social, and Governance (ESG) capabilities of participating companies to be further strengthened."

K-Sure plans to actively support financing for eco-friendly projects so that Korean companies can expand their activities in the global energy market and take the lead in promoting the government's Green New Deal policy. Last year, it provided mid- to long-term financing for overseas eco-friendly energy projects such as wind power, hydropower, and secondary batteries, totaling 5.7 trillion KRW.

Lee In-ho, President of K-Sure, said, "As global interest in eco-friendly energy grows, we are honored to support the successful progress of our companies’ projects in Spain, the world’s sixth-largest solar market," and added, "We will strive to help our excellent companies accumulate overseas business experience and lead global carbon neutrality."

This content was produced with the assistance of AI translation services.