The Export-Import Bank of Korea will provide $225 million in project financing for the 2 gigawatt (GW) Sadawi solar photovoltaic (PV) Independent Power Producer (IPP) project in Saudi Arabia, according to a news report.

The project is being developed by a consortium led by the UAE’s Masdar in the Sadawi region, 523 km north of Riyadh.

State-run Korea Electric Power Corporation (KEPCO) and China’s GD Power are members of the consortium, the Korean Herald newspaper reported.

The plant, which spans an area of 39.6 sq km, will feature nearly 3.7 million solar modules, and is expected to generate 6,500 gigawatt-hours (GWh) of energy per year, the report said.

Upon its completion in 2027, the power will be purchased entirely by the state-owned Saudi Power Procurement Company (SPPC) for 25 years.

The Sadawi project is the largest overseas solar power project undertaken by a Korean company.

In July 2024, the state-owned firm provided $150 million for the Al Ajban solar power project in the UAE, which was secured by a consortium comprising Korea Western Power Company and France’s EDF Renewables.

(Reporting by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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