South Korea’s Export-Import Bank has committed $225 million in project financing for a major solar power plant in Saudi Arabia, marking the largest international solar venture led by a Korean company, according to the bank.
The solar project, located in the Sadawi desert about 523 kilometers north of Riyadh, was awarded last November to a consortium headed by Masdar, a leading renewables company from the United Arab Emirates. The group also includes Korea Electric Power Corp. and China’s GD Power.
Spanning nearly 40 square kilometers, the facility will use approximately 3.7 million solar panels to deliver 2,000 megawatts of capacity. Once operational in 2027, it is expected to generate 6,500 gigawatt-hours annually—enough to meet the yearly electricity needs of Busan, South Korea’s second-largest city. All electricity produced will be purchased by the Saudi Power Procurement Company under a 25-year agreement.
This marks the first time a Korean company has participated in a solar project in Saudi Arabia. The Export-Import Bank of Korea emphasized its ongoing support for Korean firms expanding into renewable energy projects across the Middle East, aiming to advance global carbon neutrality.
Earlier, in July 2024, the bank also pledged $150 million to support a major solar project in the United Arab Emirates, involving Korea Western Power Co. and French firm EDF-Renewables.
