Masdar-led solar megaproject sees financial close: UAE’s renewables giant Masdar and its consortium partners China’s GD Power and Korea Electric Power Corporation reached financial close on the 2 GW Al Sadawi solar PV project in Saudi Arabia’s Eastern Province, according to a press release. The plant is expected to operate at full capacity in early 2027, with commercial operations targeted for later the same year.

The total project cost is estimated at around USD 1.1 bn, with financing facilities secured from eight regional and international lenders, including Standard Chartered Bank, Kexim, ADCB, BNP Paribas, ADIB, Bank of China, HSBC, and Societe Generale — covering a “substantial portion,” the statement said. No further details were provided on the exact funding amount.

BACKGROUND- The consortium lined up USD 225 mn in financing from the Export-Import Bank of Korea (Kexim) in June. This is the first Saudi solar energy project involving a South Korean developer and the largest overseas project ever undertaken by a South Korean firm.

The plant will be developed on a build, own, operate basis, under a 25-year power purchase agreement inked last year with the Saudi Power Procurement Company. Masdar awarded the EPC contract to Chinese power generation firm Shanghai Electric in April. GD Power Development will reportedly have a 40% stake in the project but the entire ownership structure was not disclosed.

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