Masdar completes financing for the 2 GW Al Sadawi solar project in Saudi Arabia

The consortium led by Masdar has secured approximately $1.1 billion in financing to build one of the world’s largest solar power plants in Saudi Arabia’s Eastern Province.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Abu Dhabi Future Energy Company PJSC – Masdar, in partnership with GD Power and Korea Electric Power Corporation, announced that it has reached financial close for the Al Sadawi photovoltaic project with a capacity of 2 gigawatts (GW). The project, part of the National Renewable Energy Program (NREP), overseen by the Saudi Ministry of Energy, marks a significant milestone in the development of the solar sector in the country.

Located in the Eastern Province of Saudi Arabia, the plant will be developed under the Build, Own, and Operate (BOO) model, with a 25-year Power Purchase Agreement (PPA) signed with the Saudi Power Procurement Company (SPPC). Full commissioning is scheduled for early 2027.

Eight banks mobilized for international financing

The total cost of the project is estimated at approximately $1.1 billion. A significant portion of this amount will be covered through financing facilities secured from eight regional and international banking institutions. Among the banks involved are Standard Chartered Bank, Export-Import Bank of Korea (KEXIM), Abu Dhabi Commercial Bank (ADCB), BNP Paribas, Abu Dhabi Islamic Bank (ADIB), Bank of China, HSBC, and Société Générale.

These financial institutions have worked closely with the consortium and the Saudi Power Procurement Company to finalize the financing terms. The contractual structure follows an Independent Power Producer (IPP) model, providing lenders with return conditions aligned with the project’s risk profile.

A project aligned with Saudi Arabia’s energy strategy

The Al Sadawi Solar PV Project is aligned with the Kingdom’s energy strategy, which aims to achieve an energy mix with 50% renewable sources by 2030. With its 2 GW capacity, the plant will rank among the world’s largest solar projects, contributing significant capacity to the national grid in the coming years.

The development of this infrastructure supports the Saudi government’s goal of diversifying its electricity production sources. The consortium plans to launch initial full-capacity production by early 2027, in accordance with the contractual schedule.

Waaree Energies has activated a new 950 MW photovoltaic module production line in Degam, strengthening its industrial investment programme in western India.
India opens a new rooftop solar tender phase, offering 3,640 kW under the RESCO model, with a pre-bid meeting held online on October 6 by Solar Energy Corporation of India.
The Japanese developer has reached a total of 100MW in solar capacity under power purchase agreements with Microsoft, spread across four projects in the country, two of which are already operational.
RWE has inaugurated a 4 megawatt-peak solar park in Charente-Maritime, built on a former municipal landfill site and capable of supplying electricity to approximately 1,500 households.
EDF power solutions and El Paso Electric have started operations at the Milagro Energy Center, combining 150 MW of solar photovoltaic capacity and 75 MW of battery storage under a 20-year power purchase agreement.
Iberdrola strengthens its partnership with Norges Bank Investment Management by adding two Spanish photovoltaic plants, raising joint operational capacity to 900 MW.
Producer Red Rocket has finalised financing for a 331 MWp solar park in Mpumalanga, backed by a 20-year power purchase agreement with Discovery Green.
Sun Investment Group has launched a crowdfunding campaign with Enerfip to raise up to €1.6mn ($1.7mn) to support the development of twelve photovoltaic plants in Italy totalling 113 MW.
GreenYellow will develop a 1.5 MWp photovoltaic plant in Mauritius for Volailles et Traditions, with an expected annual output of 2.45 GWh fed into the national power grid.
An alternative energy scenario proposes increasing solar and storage capacity by 2037 to reduce fossil fuel dependence and cut electricity generation costs in Thailand.
Osaka Gas and Daiwa Energy & Infrastructure have formed a partnership to expand their renewable energy business with the acquisition of a 25MW solar power plant in Kyoto, formerly owned by Kyocera TCL Solar.
Global South Utilities, filiale de Resources Investment LTD, inaugure à N’Djamena la centrale Noor Chad de 50 MW avec 5 MWh de stockage, dimensionnée pour alimenter des centaines de milliers de foyers et exploitée directement par l’entreprise.
Nine African countries will receive €545mn ($638mn) in European Union funding to support rural electrification and strengthen regional renewable energy infrastructure.
TotalEnergies will transfer half of a 1.4 gigawatt solar portfolio to KKR, strengthening its position in the North American power market while securing $950 million through the sale and bank refinancing.
EDP, via EDP Renewables, inaugurates in Menestreau (Nièvre) a photovoltaic park of nearly 16MWc, comprising 29,630 panels and designed to produce about 19GWh per year, in co-activity with sheep farming.
The transaction creates the fifth-largest US residential solar player by installed megawatts, doubles the sales force to 1,734 representatives and targets a record operating profit in the fourth quarter of 2025.
Founder Group invests MYR1.16bn ($2.76bn) in a 310 MWp solar project with storage in Malaysia to power a future 200 MW green data centre campus.
RES secures a three-year contract to operate the Cleve Hill site, marking a strategic asset transfer in the UK's large-scale solar market.
AMEA Power announces its 120 MWp photovoltaic plant in Kairouan is 82% complete, with commissioning expected before year-end.
Africa's photovoltaic market is expected to grow rapidly with 23 GW of new installations projected by 2028, according to Global Solar Council forecasts.