The Export-Import Bank of Korea (Eximbank) is set to provide $241 million in financing for a large-scale solar-plus-storage project in Guam.

The Yona solar power project will consist of a 132 MW solar plant and 325 MWh battery energy storage system to be developed in the Yona area of the south of the island. Around 200,000 solar panels will be installed on an area roughly the size of 360 soccer fields.

The project was awarded to a consortium of Korean energy companies – Korea Electric Power Corp, Korea East-West Power and Samsung C&T – earlier this year. The group will be responsible for both the construction and operations and maintenance of the facility.

A 25-year power purchase agreement is in place with the Guam Power Authority, the island’s electricity provider and the project owner, covering all the electricity produced. Annual production capacity is expected to reach 222 GWh, exceeding the combined annual average power consumption of 20,000 Gaum households.

Eximbank’s financing package includes $150 million in project finance loans and $91 million in equity bridge loans. A statement from the bank says it is committed to financing eco-friendly energy projects abroad.

The Yona solar project is currently scheduled to reach completion in 2028, at which time it will become the island’s largest solar 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).