Abu Dhabi - Mubasher: Abu Dhabi Future Energy Company (Masdar), GD Power, and Korea Electric Power Corporation jointly closed a $1.10 billion deal for the 2-gigawatt (GW) Al Sadawi solar project.

The project falls under the National Renewable Energy Program (NREP), which is led and supervised by the Ministry of Energy, according to a press release.

Eight banks provided the funding, including Standard Chartered, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “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.”

Located in the Eastern Province, the Al Sadawi Independent Power Producer (IPP) project is developed on a build, own, and operate (BOO) basis, with a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC).

Early generation at full capacity is expected in early 2027, with commercial operations planned the same year.

Al Sadawi will help Saudi Arabia reach 50% renewable energy by 2030, while reducing carbon emissions and supporting sustainable development.

In 2024, Masdar acquired a 50% shareholding in Terra-Gen Power Holdings II, LLC from Energy Capital Partners (ECP).