Masdar-led consortium secures funds for $1.1bln Al Sadawi solar project
The consortium partners include GD Power Development Company and Korea Electric Power Corporation.
The funding has been secured from eight regional and international lenders, which will cover a substantial part of the total project costs, estimated at $1.1 billion.
The participating banks include Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.
The project falls under the National Renewable Energy Programme (NREP), which is led and supervised by the Ministry of Energy.
Located in the Eastern Province, the project will be developed on a build, own, and operate (BOO) 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 IPP supports Saudi Arabia's target of achieving 50 percent renewable energy by 2030.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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