The consortium building the Al Sadawi PV power plant in Saudi Arabia has reached financial close on the 2GW project.
The consortium partners, Abu Dhabi-based Masdar, China’s GD Power, and Korea Electric Power Corporation, said project financing facilities had been secured with eight leading regional and international lenders.
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They said these would cover a “substantial part of the total project costs”, which are estimated at approximately US$1.1 billion.
The participating banks in the Al Sadawi financing are Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.
Located in Saudi Arabia’s Eastern Province, the Al Sadawi project will be developed on a build, own and operate basis under a 25-year power purchase agreement (PPA) signed with the Saudi Power Procurement Company (SPPC) late last year.
The plant is expected to begin generation at full capacity in early 2027, with commercial operation targeted for the same year.
Saudi Arabia has set a target of meeting 50% of its energy needs from renewables by the end of this decade.
