A consortium comprising UAE-based clean energy company Masdar and China’s Guangdong Power, among others, has completed financial closure for the $1.1 billion Al-Sadawi solar project in Saudi Arabia.
Masdar announced on Tuesday that eight regional and international lenders, including Standard Chartered Bank, Abu Dhabi Commercial Bank, BNP Paribas, Abu Dhabi Islamic Bank, Bank of China, HSBC, and Société Générale, participated in the financing, which will cover a significant portion of the project’s total cost.
The 2-gigawatt solar photovoltaic project is being developed under Saudi Arabia’s National Renewable Energy Program (NREP), led by the Ministry of Energy. It is expected to commence full-capacity power generation in early 2027 and is scheduled to begin commercial operation in the same year. Mohamed Jameel Al Ramahi, CEO of Masdar, stated that this announcement marks “a significant step in Saudi Arabia’s clean energy journey, with Al-Sadawi set to become one of the largest solar projects in the world.”
