Abu Dhabi Future Energy Company PJSC – Masdar, together with consortium partners GD Power and Korea Electric Power Corporation (KEPCO), has achieved financial close for the 2-gigawatt (GW) Al Sadawi solar photovoltaic (PV) project, one of the flagship initiatives under Saudi Arabia’s National Renewable Energy Program (NREP), led and supervised by the Ministry of Energy. Mohamed Jameel Al Ramahi, Chief Executive Officer, 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 energization for the project, which will help shape the future of clean energy for the Kingdom.”
The project, with an estimated cost of US$1.1 billion, will be financed through facilities arranged with eight leading regional and international lenders. Once operational, Al Sadawi will rank among the world’s largest solar power plants, making a major contribution toward the Kingdom’s target of 50% renewable energy in the electricity mix by 2030, while significantly reducing carbon emissions.
Situated in the Eastern Province, the project will be developed on a Build, Own, and Operate (BOO) basis under a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC), signed in late 2024. The plant is scheduled to begin early generation and achieve full commercial operations in 2027.
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