Masdar consortium completes $1.1bn Saudi solar project funding

The Masdar-led consortium's successful completion of $1.1 billion in financing for the 2-gigawatt Al Sadawi solar project marks a significant milestone in Saudi Arabia's ambitious National Renewable Energy Programme. This project, slated for full operation in early 2027, underscores the Kingdom's commitment to diversifying its energy mix and reducing its reliance on fossil fuels. The financing, secured from a diverse group of eight regional and international lenders, including Standard Chartered, Korea Eximbank, and Abu Dhabi Commercial Bank, demonstrates strong investor confidence in the project's viability and the long-term potential of the Saudi Arabian renewable energy market. The Al Sadawi project is notable for its scale, the involvement of prominent international players like Masdar, GD Power, and Korea Electric Power Corporation, and the participation of a consortium of lenders. The project's size, at 2 GW, makes it one of the largest solar projects in the region. The involvement of Masdar, a leading renewable energy developer, lends credibility and expertise to the project. The participation of both regional and international lenders highlights the growing attractiveness of Saudi Arabia's renewable energy sector to global investors. The Saudi Power Procurement Company (SPPC) acting as the offtaker further solidifies the project's long-term revenue stream.