Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and consortium partners GD Power and Korea Electric Power Corporation announced today they have reached financial close for the 2-gigawatt (GW) Al Sadawi solar photovoltaic (PV) project, 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.

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “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.”

The Al Sadawi Independent Power Producer (IPP) Project marks a significant milestone in the Kingdom's journey towards its Energy Mix target of achieving 50% 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.

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.