Abu Dhabi state renewables firm Masdar announced on 19 August that financial close has been achieved for the 2GW Al Sadawi solar PV plant in Saudi Arabia’s Eastern Province. The project is being developed by Masdar alongside Korea’s Kepco and China’s GD Power Development, with the consortium signing a power purchase agreement (PPA) last year (MEES, 6 December 2024). The partners won the project in Round 5 of Saudi Arabia’s National Renewable Energy Program (NREP) with a levelized cost of electricity (LCOE) of just US¢1.29/KWh.
Masdar says that “Project financing facilities have been secured with eight leading regional and international lenders, which will cover a substantial part of the total project costs, estimated at approximately US$1.1 billion.” The eight lenders are Standard Chartered, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale. (CONTINUED – 321 WORDS)
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