The Al Sadawi solar project, worth $1.1 billion, developed in Saudi Arabia by a consortium consisting of UAE clean energy company Masdar and China Guangdong Electric Power, has completed financial settlement. Masdar announced on Tuesday that eight regional and international lending institutions, including Standard Chartered Bank, Abu Dhabi Commercial Bank, BNP Paribas, Abu Dhabi Islamic Bank, Bank of China, HSBC, and Societe Generale, have participated in the financing, which will account for a significant portion of the total project cost.

This 2-gigawatt solar photovoltaic project is being developed under the Saudi National Renewable Energy Program (NREP) led by the Ministry of Energy. It is expected to start full load power generation in early 2027 and is planned to enter commercial operation in the same year. Masdar CEO Mohammed Ramahi stated that this announcement marks an important step on Saudi Arabia's clean energy journey, with Sadawi set to become one of the world's largest solar projects.

Masdar is committed to supporting Saudi Arabia's clean energy goals, and this milestone project will add to our growing investment portfolio in Saudi Arabia. Saudi Arabia is rapidly expanding its renewable energy generation capacity to meet the growing electricity demand in the domestic commercial, industrial, and residential sectors. According to NREP, the country's goal is to increase solar energy production capacity to 40 gigawatts by 2030. Overall, Saudi Arabia's goal is to achieve a 50% renewable energy mix by the end of this decade. (This article is from the official website of Jian Dao www.seetao.com. Reproduction without permission is prohibited, otherwise it will be prosecuted. Please indicate Jian Dao website+original link when reprinting.) Jian Dao website new energy column editor/Yang Beihua