Masdar, in partnership with GD Power and Korea Electric Power Corp., has finalized the financing for the Al Sadawi solar photovoltaic project in Saudi Arabia, according to the company. With a planned capacity of 2 GW, this initiative is part of the National Renewable Energy Program overseen by the Ministry of Energy.
The project, valued at around US$1.1 billion, has secured funding from eight major regional and global banks, including Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC, and Société Générale, according to Masdar.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, emphasized the project’s significance in advancing Saudi Arabia’s clean energy goals. Once operational, Al Sadawi will rank among the world’s largest solar power plants and is expected to play a major role in reducing carbon emissions within the Kingdom.
Located in the Eastern Province, the Al Sadawi project will be developed under a build, own, and operate model, backed by a 25-year power purchase agreement with the Saudi Power Procurement Company. The plant aims to begin full-scale generation and commercial operations in 2027, supporting Saudi Arabia’s target of achieving 50% renewable energy in its energy mix by 2030.
This project marks a key milestone for the Kingdom’s sustainable development and clean energy ambitions.
