For Masdar and its consortium partners, GD Power and Korea Electric Power, this moment represents a tremendous accomplishment. They’ve achieved financial close on the Al Sadawi solar photovoltaic project in Saudi Arabia. With this advance, this initiative will be the largest solar power project in the world. It’s a big progress toward meeting the country’s ambitious renewable energy targets.
Saudi Arabia’s Al Sadawi project, also in the kingdom’s Eastern Province, is an enormous 2-gigawatt (GW) capacity plant. This very ambitious new venture comes with an expected price tag around $1.1 billion. We’ll fund this huge project by getting to work with eight other local, regional and international banks. These lenders are ADCB, ADIB, Bank of China, BNP Paribas, HSBC, KEXIM, Société Générale, and Standard Chartered Bank.
A Key Component of Saudi Arabia’s Renewable Energy Goals
The Al Sadawi project is an essential element of Saudi Arabia’s National Renewable Energy Program (NREP), which aims to diversify the nation’s energy mix. The Al Sadawi project powers the Kingdom’s vision of reaching 50% renewable energy share in the electricity sector by 2030. Through this initiative, the Kingdom is placing its commitment to sustainable energy solutions at the fore.
Our team will be the one building, owning, and operating the project. This new approach will keep it rightfully cemented as the core of the region’s energy infrastructure for years to come. First generation is now planned to start by the beginning of 2027, with commercial operations to begin by the end of that year.
“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.” – Mohamed Jameel Al Ramahi
Commitment to Environmental Sustainability
Yet the Al Sadawi project is more than just a solution to municipal wastewater treatment. It addresses Saudi Arabia’s surging energy needs. It’s intended to go farther and faster by dramatically reducing carbon emissions associated with fossil fuels. Through the use of solar energy, this project will be a major step toward supporting environmental sustainability and fighting climate change.
Masdar CEO Mohamed Jameel Al Ramahi underscored the importance of the deal to Saudi Arabia’s clean energy objectives. He demonstrated this commitment through a signature project. He 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.”
Collaborative Efforts for Future Energy Solutions
The Ministry of Energy in Saudi Arabia will coordinate the Al Sadawi project. This oversight ensures that every project corresponds with the country’s national energy policies. Now, Masdar, GD Power and Korea Electric Power are coming together to create a powerful innovation trifecta. Together, their partnership is poised to drive the next generation of breakthroughs in renewable energy for years to come.
