Financial Close achieved for 2 GW Solar Project in Saudi Arabia

Masdar, and consortium partners GD Power and Korea Electric Power Corporation announced today they have reached financial close for the 2 GW Al Sadawi solar photovoltaic (PV) project in Saudi Arabia. It is a landmark project under the National Renewable Energy Program (NREP) 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 US$1.1 billion.

Located in the Eastern Province, the project will be developed on a Build, Own, and Operate (BOO) basis, with a 25-year Power Purchase Agreement (PPA) 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.

The participating banks in the Al Sadawi financing are Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.