Masdar-led solar megaproject secures financial close: Renewables giant Masdar and its consortium partners China’s GD Power and Korea Electric Power Corporation have reached financial close on the 2 GW Al Sadawi solar 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 — Standard Chartered Bank, Kexim, ADCB, BNP Paribas, Abu Dhabi Islamic Bank, Bank of China, HSBC, and Société Générale — covering a “substantial portion,” the statement said

REMEMBER- The consortium lined up a USD 225 mn financing from the Export-Import Bank of Korea (Kexim) in June.

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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