Woori Bank will lead the financing of Qatar’s 2.4-gigawatt power and desalination project, marking the South Korean lender’s largest private-sector backing of an overseas infrastructure development.
The $3.7 billion Ras Abu Fontas facility, combining a gas-fired power plant with a water desalination unit capable of processing 500,000 tons daily, secured its project agreement on Monday. The development will supply Qatar General Electricity and Water Corporation under a quarter-century contract.
A consortium won the competitive bid last month, bringing together Korea Overseas Infrastructure & Urban Development Corporation, Korea Southern Power Co., and Japan’s Sumitomo Corp. Samsung C&T will handle the engineering and construction work.
Woori Bank plans to coordinate the financing through its regional network of branches in Hong Kong, Bahrain, and Dubai, partnering with state-backed lenders Export-Import Bank of Korea and Korea Development Bank.
The deal strengthens South Korea’s growing presence in Middle Eastern infrastructure projects, as Korean firms compete with Chinese and European rivals for lucrative contracts in the region’s utility sector.
