A Masdar-based consortium, the GD power of China and Kepco, have reached financial closure on the 2 GW Al Sadawi Solar Project.
The project in the eastern province of Saudi -Arabia will be developed on the basis of build, possession and operation. A 25-year-old electricity purchase agreement (PPA) has been signed with Saudi Power Procurement Co. (SPPC).
Secure project financing facilities include around $ 1.1 billion of eight regional and international banks, Standard Chartered Bank, Kexim, ADCB, BNP Paribas, Adib, Bank of China, HSBC and Société Générale. A statement from Masdar says that the investment will cover a “considerable part of the total project costs”.
A tender for the Al Sadawi project launched At the end of 2023 As part of the fifth round of the National Renewable Energy program of the Saudi Arab Government. In October 2024, PV -Magazine Reported Masdar and Kepco offered a price of $ 0.0129/kWh For the project.
The Zonnefabriek is expected to start in the early generation at the beginning of 2027, with commercial operation that is aimed for the same year.
Saudi Arabia has focused on achieving 50% renewable energy in its energy mix until the end of the decade.
Last month, SPPC signed seven PPAs for renewable energy, including Five solar contractsFor a total of 15 GW, marking the largest capacity of renewable energy that is signed worldwide in a single phase.
The cumulative solar capacity of Saudi Arabia surpassed 4.2 GW towards the end of 2024, according to figures from the International Renewable Energy Agency (Irena).
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