Abu Dhabi Future Energy Company – Masdar last month announced that it has, along with its consortium partners GD Power and Korea Electric Power Corporation, reached financial close for the 2GW Al Sadawi solar photovoltaic (PV) project in the Eastern Province.

A landmark project under the National Renewable Energy Programme (NREP), it is led and supervised by the Ministry of Energy.

The project will be developed on a build, own, and operate (BOO) basis, with a 25-year power purchase agreement (PPA) signed with the Saudi Power Procurement Company (SPPC) late last year.

The plant is expected to commence generation in early 2027, with commercial operation targeted for the same year.

Masdar said the project financing facilities have been secured with eight leading 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, Kexim, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.

The Al Sadawi IPP Project marks a key advance in the kingdom’s efforts to generate half of its energy from renewable sources by 2030.

Set to be one of the world’s largest solar plants, the project will contribute substantially to sustainable development and reduce carbon emissions in the Kingdom of Saudi Arabia.