Masdar, alongside consortium partners GD Power and Korea Electric Power, has reached financial close for the 2GW Al Sadawi solar photovoltaic (PV) project in Saudi Arabia.
Situated in Saudi Arabia’s Eastern Province, the project is part of Saudi Arabia’s National Renewable Energy Program (NREP), overseen and directed by the Ministry of Energy.
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The project, with an estimated cost of $1.1bn, will be financed via facilities arranged with eight regional and international lenders: ADCB, ADIB, Bank of China, BNP Paribas, HSBC, KEXIM, Société Générale and Standard Chartered Bank.
The project will contribute to Saudi Arabia’s target of 50% renewable energy in the electricity mix by 2030, and will significantly reduce carbon emissions.
The Al Sadawi independent power producer (IPP) project will be constructed on a build, own and operate basis.
With the initial generation to commence full capacity by early 2027, commercial operations are also scheduled to launch the same year.
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By GlobalDataThe Saudi Power Procurement Company (SPPC) has agreed to buy the energy generated from the project under a 25-year power purchase agreement signed in late 2024.
Masdar CEO Mohamed Jameel Al Ramahi stated: “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.”
In July 2025, Masdar and Iberdrola secured £3.6bn ($4.87bn) in financing for the development of the 1.4GW East Anglia THREE offshore wind farm in the UK.
