Abu Dhabi Future Energy Company (Masdar) and consortium partners GD Power and Korea Electric Power Corporation announced today that they have reached financial close for Saudi Arabia’s 2-gigawatt Al Sadawi solar photovoltaic project, a landmark project under the National Renewable Energy Program, which is led and supervised by the Ministry of Energy.
Project financing facilities have been secured with eight leading regional and international lenders, which will cover a substantial part of the total project costs, estimated at approximately $1.1 billion.
The participating banks in the Al Sawadi financing are Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.
The Al Sadawi Independent Power Producer Project marks a significant milestone in the Kingdom’s journey towards its energy mix target of achieving 50 percent renewable energy by 2030. Set to be one of the world’s largest solar plants, the project will contribute substantially to sustainable development and reduce carbon emissions in the Kingdom of Saudi Arabia.
“Masdar is actively committed to supporting Saudi Arabia’s clean energy objectives and this landmark project will add to our growing portfolio in the Kingdom. Today’s announcement marks a significant step in Saudi Arabia’s clean energy journey, with the Al Sadawi plant set to be one of the largest solar power projects in the world. We look forward to working closely with our partners to achieve full energization for the project, which will help shape the future of clean energy for the Kingdom,” said Mohamed Jameel Al Ramahi, CEO, Masdar.
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Located in the Eastern Province, the project will be developed on a build, own, and operate basis, with a 25-year power purchase agreement signed with the Saudi Power Procurement Company (SPPC) late last year. The plant is expected to commence early generation at full capacity in early 2027, with commercial operation targeted for the same year.
