Korea Eximbank to provide $225M funding for Saudi solar project

The Export-Import Bank of Korea will provide funding of $225 million (SAR 843.75 million) for Saudi Arabia’s Al Sadawi solar project, Yonhap News Agency reported.

The project is the largest overseas solar contract won by a Korean company and the first secured through a competitive tender in the Kingdom.

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In November, Saudi Power Procurement Co. (SPPC) signed a power purchase agreement (PPA) for the 2,000-megawatt (MW) solar project with a consortium comprising Abu Dhabi Future Energy Co. (Masdar), Korea Electric Power Corp. (KEPCO), and Jinko Power Technology Co., Argaam data showed.

Commercial operations are set to begin in Q2 2027, with electricity production cost at 1.2926 cents per Kilowatt-hour (kWh).

The project is part of phase 5 of Saudi Arabia’s National Renewable Energy Program, targeting a 50/50 energy mix of gas and renewables by 2030, while phasing out liquid fuels.