The UAE-based energy company Masdar, along with consortium partners China's GD Power and Korea Electric Power Corporation, has announced that it has reached financial close for the 2 GW Al Sadawi solar PV project. This project is part of Saudi Arabia’s National Renewable Energy Program (NREP), which is led and overseen by the Ministry of Energy.
Financing facilities have been secured from eight prominent regional and international lenders, covering a significant portion of the estimated total project cost of approximately US$1.1bn. Located in the Eastern Province, the project will be developed on a Build, Own, and Operate (BOO) basis. A 25-year power purchase agreement (PPA) was signed with the Saudi Power Procurement Company (SPPC) in November 2024. The plant is expected to begin early generation at full capacity in early 2027, with commercial operation targeted within the same year.
In July 2025, ACWA Power, the Saudi company Badeel, and Saudi Aramco Power Company (SAPCO) signed agreements with SPPC to develop seven renewable energy projects in Saudi Arabia, totaling 15 GW (12 GW solar, 3 GW wind).
Saudi Arabia has set a target of achieving 50% renewables in its power mix by 2030.
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