The 2-gigawatt Al Sadawi solar photovoltaic ( PV ) project in Saudi Arabia has reached financial close.

Located in the Eastern Province, the project will be developed on a build, own, and operate ( BOO ) basis, with a 25-year power purchase agreement ( PPA ) signed with the Saudi Power Procurement.

Total project cost is estimated at US$1.1 billion. Project financing facilities have been provided by Standard Chartered Bank, Kexim, Abu Dhabi Commercial Bank, BNP Paribas, Abu Dhabi Islamic Bank, Bank of China, HSBC, and Société Générale.

Clifford Chance advised the lenders. Bracewell represented the Masdar-led consortium, while Al Tamimi provided local advice.

Together with Abu Dhabi Future Energy Company ( Masdar ) in the consortium are GD Power of China and Korea Electric Power Corporation.

Al Sadawi is a landmark project under the kingdom’s National Renewable Energy Programme ( NREP ), which is led and supervised by the Ministry of Energy. The plant is expected to start generating power at full capacity in early 2027, with commercial operation late that year.

Chinese manufacturer Arctech will supply the solar tracking system.