On August 19th, Masdar (Abu Dhabi Future Energy Company) and its consortium partners, namely China's GD Power and South Korea's Korea Electric Power Corporation (KEPCO), announced the achievement of financial close for the 2GW Al Sadawi Photovoltaic (PV) Project located in Saudi Arabia's Eastern Province. Among the partners, GD Power holds a 40% stake in the project. This initiative is a landmark undertaking under the framework of the National Renewable Energy Program (NREP), which is led and supervised by Saudi Arabia's Ministry of Energy.
As a key project of Saudi Arabia's NREP, the Al Sadawi PV Project is under the supervision and guidance of the Ministry of Energy throughout its lifecycle. Its progress is directly linked to the realization of Saudi Arabia's goals for energy structure transformation and renewable energy installed capacity expansion. From an investment and financing perspective, the total investment of the project is estimated at approximately USD 1.1 billion, funded collectively by a syndicate of 8 regional and international banks. These institutions include: Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Bank of China, BNP Paribas, HSBC, Korea Eximbank (KEXIM), Société Générale, and Standard Chartered Bank.
The Al Sadawi Independent Power Producer (IPP) Project marks a crucial milestone in Saudi Arabia's journey toward its energy structure target of "50% renewable energy share by 2030". As one of the large-scale solar power plants in global planning, the project will provide strong support for the Kingdom of Saudi Arabia's sustainable development and effectively reduce carbon emissions.
Situated in Saudi Arabia's Eastern Province, the project will be developed under the "Build-Own-Operate (BOO)" model. At the end of last year, the project developer had already signed a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC). The power plant is expected to achieve initial full-capacity power generation in early 2027 and is planned to commence commercial operation within the same year.
Source：https://mp.weixin.qq.com/s/fDG49GYUPtmycRcqg2gtHQ?scene=1&click_id=23