Masdar reaches financial close for 2-GW Saudi solar project

MASDAR CITY, August 20, 2025 – Masdar and its consortium partners GD Power and KEPCO have reached financial close on the 2-GW Al Sadawi solar PV project in Saudi Arabia’s Eastern Province, Masdar announced on Tuesday.

The project is part of Saudi Arabia’s National Renewable Energy Program and will be developed on a build-own-operate basis under a 25-year power purchase agreement with the Saudi Power Procurement Company.

The solar facility is scheduled to begin generating electricity at full capacity in early 2027, with commercial operations expected to commence later in the same year.

“Masdar is actively committed to supporting Saudi Arabia’s clean energy objectives, and this landmark project will add to our growing portfolio in the country. Today’s announcement marks a significant step in Saudi Arabia’s clean energy journey, with the Al Sadawi plant set to be one of the largest solar power projects in the world,” said Mohamed Jameel Al Ramahi, CEO of Masdar.

Project costs are estimated to reach USD 1.1 billion, with project financing from eight regional and international lenders expected to cover a substantial proportion. The banks participating in the operation are Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.

Owned by TAQA, Mubadala and ADNOC, UAE-based Masdar has been steadily growing its portfolio of wind and solar generation assets in Saudi Arabia in line with the country’s energy transition goals, which call for renewables to represent 50% of the domestic energy mix by 2030. The company has solar, wind and hydrogen projects in more than 40 countries worldwide.

Read our latest insights on: