Masdar Closes Financing for 2 GW Saudi Solar Project

UAE’s Masdar, alongside its consortium partners GD Power and Korea Electric Power, reached the financial close for the 2 GW Al Sadawi solar project in Saudi Arabia’s eastern province. The project is part of the country’s National Renewable Energy Program and is overseen and directed by the Ministry of Energy. The project has an investment of $1 billion and will be financed through facilities arranged with ADCB, ADIB, Bank of China, BNP Paribas, HSBC, KEXIM, Société Générale, and Standard Chartered Bank.
Saudi Arabia’s ACWA Power announced the partial commercial operation of the ArRass2 PV IPP solar project in the country’s Qassim Region. It received a notice from the project company “Nawwar Renewable Energy Company” stating that it has been granted the initial operation certificate (IOC) for a 1,000 MW capacity of the total planned 2,000 MW. It expects the financial impact to reflect in the second half of this year. The company also commenced commercial operations for the SAAD 2 solar project in Saudi Arabia. It received a commercial operation certificate for the project’s remaining capacity of 365.7 MW, bringing the project to its full operating capacity of 1,125 MW. Additionally, ACWA Power began commercial operations for the Al Kahfa Solar PV IPP in Hail. The project company, “Ishaa Renewable Energy Company,” intimated to ACWA Power that it has been granted the IOC for the total project capacity of 1,425 MW. ACWA Power owns a 50.1% stake in each project, and the financial impact from them is expected to reflect in the second half of 2025.
Egypt’s General Petroleum Corporation announced it implemented 38 energy transition projects in the financial year 2025. It said 18 projects are already in operation and 20 are in advanced stages of completion. The projects generated estimated annual financial savings of about EGP 5.2 billion (~$107.29 million). The energy transition included the addition of 30 MW of solar capacity.