Kexim backs Masdar-led solar megaproject in Saudi: A consortium led by UAE state-owned renewables giant Masdar and joined by Korea Electric Power Corporation (Kepco) and China’s GD Power Development lined up a USD 225 mn financing from the Export-Import Bank of Korea (Kexim) to develop a 2 MW Al Sadawi solar project located some 500 km north of Riyadh, the Korean Herald reports, citing a statement by the South Korean lender. The terms of the credit facility were not disclosed.

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Project profile: The solar project covers roughly 39.6 sqkm and will be equipped with 3.7 mn solar modules to produce some 6.5k GWh per year. The plant is due to go online in 2027, and the Saudi Power Procurement Company will buy all of its output under a 25-year power purchase agreement.

REMEMBER- Masdar, Kepco, and GD Power were said to be forming a JV earlier this year with a USD 1.1 bn investment to develop the Al Sadawi project. While the exact ownership structure of the JV was not disclosed, GD Power Development was reported to hold a 40% stake.

This is the first Saudi solar energy project involving a Korean developer, and the largest overseas project ever undertaken by a Korean firm, underscoring Seoul’s growing interest in the region’s clean energy infrastructure.

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