Masdar, alongside GD Power and Korea Electric Power Corporation, has achieved financial close on the 2GW Al Sadawi solar PV project in Saudi Arabia.
The project is part of the National Renewable Energy Program (NREP), overseen by the Ministry of Energy.
Eight regional and international lenders will provide financing facilities to cover a large portion of the estimated US$1.1bn project cost.
Mohamed Jameel Al Ramahi, CEO of Masdar, said:
“Masdar is actively committed to supporting Saudi Arabia’s clean energy objectives and this landmark project will add to our growing portfolio in the Kingdom.
“Today’s announcement marks a significant step in Saudi Arabia’s clean energy journey, with the Al Sadawi plant set to be one of the largest solar power projects in the world.
We look forward to working closely with our partners to achieve full energisation for the project, which will help shape the future of clean energy for the Kingdom.”
The Al Sadawi Independent Power Producer (IPP) Project supports Saudi Arabia’s Energy Mix target of sourcing 50% of its energy from renewables by 2030.
Expected to be among the world’s largest solar plants, it will play a role in reducing carbon emissions and supporting sustainable development in the Kingdom.
Located in the Eastern Province, the project will be developed under a Build, Own, and Operate (BOO) model. A 25-year Power Purchase Agreement (PPA) was signed with the Saudi Power Procurement Company (SPPC) in 2024.
The plant is scheduled to begin generation at full capacity in early 2027, with commercial operations also targeted for that year.
