A consortium led by Masdar, alongside Korea Electric Power Corporation (KEPCO) and GD Power, has reached financial close on the 2GW Al Sadawi solar project in Saudi Arabia.
The $1.1bn independent power producer scheme will rank among the world’s largest solar plants and contribute to the Kingdom’s goal of sourcing 50% of its energy from renewables by 2030.
Financing was provided by a group including the Export-Import Bank of Korea, Standard Chartered Bank, Abu Dhabi Commercial Bank, Bank of China, BNP Paribas, HSBC, Société Générale and Abu Dhabi Islamic Bank.
Bracewell (UK) LLP advised the consortium on the development, financing and shareholder arrangements.
Oliver Irwin, who led the transaction for Bracewell, said: “We are very proud to have supported Masdar, KEPCO and GD Power on this highly significant landmark project in the Kingdom.”