"source" And the coalition of companies that complete the financial closure of the Sadawi Solar Energy Project in Saudi Arabia

Abu Dhabi, August 19/ WAM/ Abu Dhabi Future Energy Company, “Source”, and a coalition that includes the “GD Power” and “Korea Electric Energy” companies, announced the financial closure of the “Al -Sadawi” solar power plant project with a capacity of 2 GWh, a prominent project within the National Renewable Energy Program that is supervised and led by the Ministry of Energy in the Kingdom of Saudi Arabia.
Eight regional and international banks were participated in the project financing deal, where funding will cover a large part of the total cost of the project, which is estimated at $ 1.1 billion.
Mohamed Jamil Al -Ramahi, CEO of “Masdar” company, said that this pioneering project expresses the commitment of “Masdar” to support the brotherly goals of the Kingdom of Saudi Arabia in the clean energy sector, as well as an important addition to the growing group of Masdar projects in the Kingdom.
He added that the completion of the Al -Sadawi station’s financing deal today represents an important step in the Kingdom’s march to enhance the spread of clean energy technologies, as the station will be one of the largest solar energy projects in the world, expressing its aspiration to continue work and cooperation, with partners, to reach the project to the stage of full operation, and the effective contribution to drawing the features of the future of clean energy in the Kingdom.
The independent “Al -Sadawi” power station project constitutes an important step in the Kingdom’s march towards achieving one of the targets of “Saudi Vision 2030”, which is to generate 50% of electricity from renewable sources by 2030, while this station is scheduled to be one of the largest solar energy stations in the world, which contributes greatly to advancing sustainable development efforts, reducing carbon emissions, and enhancing energy security in the Kingdom of Saudi Arabia.
The project is located in the eastern region, and it will be developed according to the construction, ownership and operation model, through an agreement to purchase energy of 25 years, which was signed with the Saudi Energy purchase company late last year.

It is expected that the station will become equipped to generate electricity with its full capacity in the beginning of 2027, with a commercial operation space during the same year.
The list of banks participating in the funding of the “Al -Sadawi” station includes the Standard Charterd Bank, “KIXIM”, Abu Dhabi Commercial Bank, BNB Paribas Bank, Abu Dhabi Islamic Bank, Bank China, HSBC Bank, and Sosette General.

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