Korean backing for Masdar-led solar megaproject in Saudi: A consortium led by state-owned renewables giant Masdar — including Korea Electric Power Corporation (Kepco) and China’s GD Power — lined up USD 225 mn in financing from Korea Eximbank (Kexim) to develop the 2 GW Al Sadawi solar project in Saudi Arabia, the Korean Herald reports, citing a statement by the lender. The terms of the credit facility were not disclosed.

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Project profile: The plant is due to go live in 2027, at which point the Saudi Power Procurement Company will buy all of its output under a 25-year power purchase agreement. The unit, which covers roughly 39.6 square km with 3.7 mn solar modules, is expected to produce 6.5k GWh of electricity per year.

REMEMBER- Earlier this year, Masdar, Kepco, and GD Power were said to be forming a JV to build out the plant with a USD 1.1 bn investment. While the exact ownership structure of the JV was not disclosed, GD Power was set to hold 40% of it.

IN CONTEXT- The fresh capital injection comes less than a year after the Korean bank pledged USD 150 mn in financing for a solar project in the UAE, co-developed by Korea Western Power and France’s EDF Renewables.

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