UAE’s Masdar secures $1.1B for 2 GW Saudi solar megaproject: What to know
The Al Sadawi Independent Power Producer (IPP) Project is set to be one of the largest solar plants in the world, according to Masdar.
The United Arab Emirates’ state-owned renewables firm, Masdar, has secured $1.1 billion in financing from a syndicate of eight banks to fund one of the world’s largest solar projects in Saudi Arabia.
What happened: The two-gigawatt Al Sadawi Solar Project, located in Saudi Arabia’s Eastern Province, is being developed by Masdar in partnership with China’s GD Power and Korea Electric Power Corporation. Construction is expected to begin this year, after Masdar was named lead developer in October 2024.
The financing package involves eight regional and international lenders: Standard Chartered, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Societe Generale. Masdar said the $1.1 billion will cover “a substantial part” of the project’s total cost.
Why it matters: The Al Sadawi Independent Power Producer (IPP) Project is set to rank among the world’s largest solar plants.
