Masdar and its consortium partners, GD Power and Korea Electric Power Corporation, have reached financial close for the 2-gigawatt (GW) Al Sadawi solar photovoltaic project.

“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 $1.1b,” the company said.

Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale participated in this financing.

Located in the Eastern Province, Saudi Arabia, the project will be developed on a build, own, and operate basis, with a 25-year power purchase agreement signed with the Saudi Power Procurement Company 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 Al Sadawi solar project is under the National Renewable Energy Program, which is led and supervised by Saudi Arabia’s Ministry of Energy. It has a critical role in achieving the Kingdom's energy mix goal of 50% renewable energy by 2030.